Community banking

Valley National in N.J. to Extinguish Trups Debt

By Chris Cumming August 29, 2013, 11:58 a.m. EDT 1 Min Read

Community banking

Valley National to Buy Back $15M of Debt

Valley National Bancorp in Wayne, N.J., plans to redeem $15 million in trust-preferred securities.

By Brian Browdie

June 26

The Federal Reserve Board has given Valley National Bancorp (VLY) in Wayne, N.J., approval to redeem $127.5 million of trust-preferred securities.

The $16 billion-asset company has also been given the OK to issue $125 million in subordinated debt to fund the redemption, it announced Wednesday. Valley National expects to buy back the debt within a month.

The Trups debt carries an interest rate of 7.75%; Valley National did not say what it will pay for the new debt it plans to issue. A Valley National subsidiary issued approximately $200 million of Trups debt in 2001, of which the bank has previously redeemed approximately 36% in several buybacks. The $127.5 million redemption would extinguish that debt.

For reprint and licensing requests for this article, click here.

Community banking

MORE FROM AMERICAN BANKER

Treasury Department

Bessent to be Treasury nominee, Trump taps Turner for HUD

Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

By Kyle Campbell

November 22
Artificial intelligence

Fed's Bowman: Regulators 'must have an openness' to AI

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

By John Heltman

November 22
Succession planning

First Foundation's new CEO has history of priming banks to sell

The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.

By Catherine Leffert

November 22
Federal Reserve

Fed: Elevated asset valuations could threaten financial stability

In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.

By Kyle Campbell

November 22
SBA

A small-dollar business lending scheme finds a niche at Huntington

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

By John Reosti

November 22
Payments

JPMorgan Chase, Mastercard sell crypto-style B2B payment tech

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.

By John Adams

November 22