WAYNE, N.J., Dec. 9, 2016 /PRNewswire/ -- Valley National
Bancorp ("Valley") (NYSE: VLY), the holding company for Valley
National Bank (the "Bank"), today announced that it priced
8,400,000 shares of its common stock (the "Common Stock") in a
registered public offering.
Valley intends to use the proceeds for general corporate
purposes, including to supplement the continued growth in the
Bank's loan portfolio. The offering is expected to close on
December 13, 2016, subject to
customary closing conditions.
Keefe, Bruyette & Woods, A Stifel Company, is acting as sole
book-running manager for the offering and may offer the shares of
Common Stock from time to time for sale in one or more transactions
on the New York Stock Exchange, in the over-the-counter market,
through negotiated transactions or otherwise at market prices
prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices.
The Common Stock will be issued pursuant to an effective shelf
registration statement (File No. 333-202916) (including base
prospectus), a preliminary prospectus supplement filed with the
Securities and Exchange Commission (the "SEC"), and a final
prospectus supplement to be filed with the SEC.
Copies of the preliminary prospectus supplement and accompanying
base prospectus relating to the offering can be obtained without
charge by visiting the SEC's website at www.sec.gov, or may be
obtained from: Keefe, Bruyette & Woods, A Stifel Company, 787
Seventh Ave., 4th Floor, New York, New York 10019, Attention: Equity
Capital Markets, 1-800-966-1559.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Common Stock in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Any offering of the Common Stock is being made only
by means of a written prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.
About Valley
Valley National Bancorp is a regional bank holding company
headquartered in Wayne, New Jersey
with over $22 billion in assets. Its
principal subsidiary, Valley National Bank, currently operates 209
branch locations serving northern and central New Jersey, the New
York City boroughs of Manhattan, Brooklyn, Queens and Long
Island, and Florida. Valley
National Bank is one of the largest commercial banks headquartered
in New Jersey and is committed to
providing the most convenient service, the latest in product
innovations and an experienced and knowledgeable staff with a high
priority on friendly customer service 24 hours a day, 7 days a
week. For more information about Valley National Bank and its
products and services, please visit www.valleynationalbank.com or
call Customer Service, 24/7 at 800-522-4100.
Forward Looking Statements
This document contains and incorporates by reference certain
forward-looking statements regarding our financial condition,
results of operations and business. These statements are not
historical facts and include expressions about management's
confidence and strategies and management's expectations about new
and existing programs and products, acquisitions, relationships,
opportunities, taxation, technology, market conditions and economic
expectations.
You may identify these statements by looking for:
- forward-looking terminology, like "should," "expect,"
"believe," "view," "opportunity," "allow," "continues," "reflects,"
"typically," "usually," or "anticipate;"
- expressions of confidence like "strong" or "on-going;" or
- similar statements or variations of those terms.
These forward-looking statements involve certain risks and
uncertainties. Actual results may differ materially from the
results the forward-looking statements contemplate because of,
among others, the following possibilities:
- weakness or a decline in the U.S. economy, in particular in
New Jersey, New York Metropolitan area (including
Long Island) and Florida;
- unexpected changes in market interest rates for interest
earning assets and/or interest bearing liabilities;
- less than expected cost savings from the maturity, modification
or prepayment of long-term borrowings that mature through
2022;
- further prepayment penalties related to the early
extinguishment of high cost borrowings;
- less than expected cost savings in 2016 and 2017 from Valley's
branch efficiency and cost reduction plans;
- lower than expected cash flows from purchased credit-impaired
loans;
- claims and litigation pertaining to fiduciary responsibility,
contractual issues, environmental laws and other matters;
- cyber attacks, computer viruses or other malware that may
breach the security of our websites or other systems to obtain
unauthorized access to confidential information, destroy data,
disable or degrade service, or sabotage our systems;
- results of examinations by the OCC, the FRB, the CFPB and other
regulatory authorities, including the possibility that any such
regulatory authority may, among other things, require us to
increase our allowance for credit losses, write-down assets,
require us to reimburse customers, change the way we do business,
or limit or eliminate certain other banking activities;
- government intervention in the U.S. financial system and the
effects of and changes in trade and monetary and fiscal policies
and laws, including the interest rate policies of the Federal
Reserve;
- our inability to pay dividends at current levels, or at all,
because of inadequate future earnings, regulatory restrictions or
limitations, and changes in the composition of qualifying
regulatory capital and minimum capital requirements (including
those resulting from the U.S. implementation of Basel III
requirements);
- higher than expected loan losses within one or more segments of
our loan portfolio;
- unexpected significant declines in the loan portfolio due to
the lack of economic expansion, increased competition, large
prepayments, changes in regulatory lending guidance or other
factors;
- unanticipated credit deterioration in our loan portfolio;
- unanticipated loan delinquencies, loss of collateral, decreased
service revenues, and other potential negative effects on our
business caused by severe weather or other external events;
- an unexpected decline in real estate values within our market
areas;
- changes in accounting policies or accounting standards,
including the new authoritative accounting guidance (known as the
current expected credit loss (CECL) model) which may increase the
required level of our allowance for credit losses after adoption on
January 1, 2020;
- higher than expected income tax expense or tax rates, including
increases resulting from changes in tax laws, regulations and case
law;
- higher than expected FDIC insurance assessments;
- the failure of other financial institutions with whom we have
trading, clearing, counterparty and other financial
relationships;
- lack of liquidity to fund our various cash obligations;
- unanticipated reduction in our deposit base;
- potential acquisitions that may disrupt our business;
- declines in value in our investment portfolio, including
additional other-than-temporary impairment charges on our
investment securities;
- future goodwill impairment due to changes in our business,
changes in market conditions, or other factors;
- legislative and regulatory actions (including the impact of the
Dodd-Frank Wall Street Reform and Consumer Protection Act and
related regulations) subject us to additional regulatory oversight
which may result in higher compliance costs and/or require us to
change our business model;
- our inability to promptly adapt to technological changes;
- our internal controls and procedures may not be adequate to
prevent losses;
- the inability to realize expected revenue synergies from the
CNL merger in the amounts or in the timeframe anticipated;
- inability to retain customers and employees, including those of
CNL; and
- other unexpected material adverse changes in our operations or
earnings.
A detailed discussion of factors that could affect our results
is included in our SEC filings, including the "Risk Factors"
section of our Annual Report on Form 10-K for the year ended
December 31, 2015.
We undertake no duty to update any forward-looking statement to
conform the statement to actual results or changes in our
expectations. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance or
achievements.
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SOURCE Valley National Bancorp