Valley National in N.J. Files for $200M Debt, Stock Offering

By Colin Wilhelm June 16, 2015, 2:39 p.m. EDT 1 Min Read

M&A

Valley National in N.J. Doubles Down on Florida Economy

Valley National Bancorp in Wayne, N.J., announced its second deal in Florida, a state that has been difficult for other out-of-state banks to enter.

By Jackie Stewart

May 27
M&A

Valley National in N.J. to Buy CNLBancshares in Florida

Valley National Bancorp in Wayne, N.J., has agreed to buy CNLBancshares in Orlando, Fla.

By Paul Davis

May 27
M&A

Valley National Sells Manhattan Branch for $18 Million

Valley National in Wayne, N.J., will use proceeds from a branch sale in New York City to offset costs tied to prepaying debt.

By Paul Davis

December 29

Valley National Bancorp in Wayne, N.J., is planning to issue a combined $200 million in preferred stock and debt.

The $19 billion-asset company said it will issue $110 million in perpetual preferred non-cumulative stock. Valley will also issue $90 million in subordinated unsecured notes due June 2025.

Valley plans to use the proceeds general corporate purposes, potential strategic acquisitions and regulatory capital investments in its bank unit, Valley National Bank. Valley in March filed a registration statement with the Securities and Exchange Commission to sell securities; it did not disclose specific offering amounts in the shelf registration.

In May, Valley agreed to acquire the $1.4 billion-asset CNLBancshares in Orlando, Fla., for $207 million in stock. Valley's deal for the holding company of CNLBank is expected to close in the fourth quarter.

Sandler O'Neill, KBW and Deutsche Bank are financial advisers to Valley on the debt offering. Sandler, KBW and RBC Capital Markets are advisers on the stock offering. Day Pitney is its legal counsel.

Colin Wilhelm