Valley National Bancorp Announces Adoption of Share Repurchase Program
April 26 2022 - 4:30PM
Valley National Bancorp (NASDAQ:VLY) (“Valley”)
today announced that its Board approved a stock repurchase program
for up to 25 million shares of Valley common stock. The
authorization to repurchase will expire on April 25, 2024. The
timing and actual number of shares repurchased will depend on a
variety of factors, including price, general business and market
conditions, and alternative investment opportunities. Valley’s
Board also terminated its 2007 stock repurchase program.
Under the repurchase program, repurchases can be
made from time to time using a variety of methods, including open
market purchases, all in compliance with the rules of the United
States Securities and Exchange Commission and other applicable
legal requirements. The repurchase program does not obligate Valley
to acquire any particular amount of shares, and the repurchase
program may be suspended or discontinued at any time at Valley’s
discretion.
About ValleyAs the principal
subsidiary of Valley National Bancorp, Valley National Bank is a
regional bank with approximately $50 billion in assets, including
our recent acquisition of Bank Leumi USA. Valley is committed to
giving people and businesses the power to succeed. Valley operates
many convenient branch locations and commercial banking offices
across New Jersey, New York, Florida, Alabama, California, and
Illinois, and is committed to providing the most convenient
service, the latest innovations and an experienced and
knowledgeable team dedicated to meeting customer needs. Helping
communities grow and prosper is the heart of Valley’s corporate
citizenship philosophy. To learn more about Valley, go to
www.valley.com or call our Customer Care Center at
800-522-4100.
Forward Looking StatementsThe
foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
statements are not historical facts and include expressions about
management’s confidence and strategies and management’s
expectations about our business, new and existing programs and
products, acquisitions, relationships, opportunities, taxation,
technology, market conditions and economic expectations. These
statements may be identified by such forward-looking terminology as
“should,” “expect,” “believe,” “view,” “opportunity,” “allow,”
“continues,” “reflects,” “typically,” “usually,” “anticipate,” or
similar statements or variations of such terms. Such forward-
looking statements involve certain risks and uncertainties. Actual
results may differ materially from such forward-looking statements.
Factors that may cause actual results to differ materially from
those contemplated by such forward-looking statements include, but
are not limited to:
- the inability to realize expected
cost savings and synergies from the Bank Leumi USA acquisition in
amounts or in the timeframe anticipated;
- greater than expected costs or
difficulties relating to Bank Leumi USA integration matters;
- the inability to retain customers
and qualified employees of Bank Leumi USA;
- greater than expected non-recurring
charges related to the Bank Leumi USA acquisition;
- the continued impact of COVID-19 on
the U.S. and global economies, including business disruptions,
reductions in employment and an increase in business failures,
specifically among our clients;
- the continued impact of COVID-19 on
our employees and our ability to provide services to our customers
and respond to their needs as more cases of COVID-19 may arise in
our primary markets;
- the impact of forbearances or
deferrals we are required or agree to as a result of customer
requests and/or government actions, including, but not limited to
our potential inability to recover fully deferred payments from the
borrower or the collateral;
- the risks related to the
discontinuation of the London Interbank Offered Rate and other
reference rates, including increased expenses and litigation and
the effectiveness of hedging strategies;
- damage verdicts or settlements or
restrictions related to existing or potential class action
litigation or individual litigation arising from claims of
violations of laws or regulations, contractual claims, breach of
fiduciary responsibility, negligence, fraud, environmental laws,
patent or trademark infringement, employment related claims, and
other matters;
- a prolonged downturn in the
economy, mainly in New Jersey, New York, Florida, Alabama,
California, and Illinois, as well as an unexpected decline in
commercial real estate values within our market areas;
- higher or lower than expected
income tax expense or tax rates, including increases or decreases
resulting from changes in uncertain tax position liabilities, tax
laws, regulations and case law;
- the inability to grow customer
deposits to keep pace with loan growth;
- a material change in our allowance
for credit losses under CECL due to forecasted economic conditions
and/or unexpected credit deterioration in our loan and investment
portfolios;
- the need to supplement debt or
equity capital to maintain or exceed internal capital
thresholds;
- greater than expected technology
related costs due to, among other factors, prolonged or failed
implementations, additional project staffing and obsolescence
caused by continuous and rapid market innovations;
- the loss of or decrease in
lower-cost funding sources within our deposit base, including our
inability to achieve deposit retention targets under Valley's
branch transformation strategy;
- cyber-attacks, ransomware 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
Office of the Comptroller of the Currency (OCC), the Federal
Reserve Bank (FRB), the Consumer Financial Protection Bureau (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,
reimburse customers, change the way we do business, or limit or
eliminate certain other banking activities;
- our inability or determination not
to pay dividends at current levels, or at all, because of
inadequate earnings, regulatory restrictions or limitations,
changes in our capital requirements or a decision to increase
capital by retaining more earnings;
- unanticipated loan delinquencies,
loss of collateral, decreased service revenues, and other potential
negative effects on our business caused by severe weather, the
COVID-19 pandemic or other external events; and
- 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.
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, 2021.
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.
Contact: |
Michael Hagedorn, SEVP |
|
Chief Financial
Officer |
|
973-872-4885 |
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