Community banking

Valley National to Issue $125M of Debt to Redeem Trups

By Chris Cumming September 24, 2013, 11:45 a.m. EDT 1 Min Read

Community banking

Valley National in N.J. to Extinguish Trups Debt

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

By Chris Cumming

August 29
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
Consumer banking

Valley National's Profit Dips on Increased Expenses, Credit Costs

Valley National Bancorp's (VLY) second-quarter earnings slipped as the Wayne, N.J., company saw its expenses rise and recorded a higher provision for credit losses.

By Jackie Stewart

July 26

Valley National Bancorp (VLY) in Wayne, N.J., is offering to sell up to $125 million of subordinated notes to repay its trust-preferred debt.

The $16 billion-asset company plans to use the proceeds from the note sale, along with other funds, to redeem more than $131 million of Trups debt on which it pays 7.75% interest. The expected interest rate of the new debt was not included in the offering prospectus filed with the Securities and Exchange Commission on Tuesday.

Keefe, Bruyette & Woods, Sandler O'Neill and Deutsche Bank (DB) are underwriting the offering.

Valley National announced plans to fully redeem its Trups debt last month. It issued $200 million of the notes in 2001, and has been gradually buying back the securities through several transactions.

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Community banking

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