|
VNB Capital Trust I, 7 3/4% TOPrS Trust Orig Preferred Securities
Ticker Symbol: VLY-A* CUSIP: 92856Q203 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/25/2013
Security has been Called for: Friday, October 25, 2013
Sept. 27, 2013 -- Valley National Bancorp, the holding company of Valley National Bank, announced that it has delivered a notice of redemption effective October 25, 2013 of the entire outstanding principal face amount of approximately $127.3 million of the 7 ¾% Trust Preferred Securities issued by VNB Capital Trust I, Valley's subsidiary trust. The Trust Preferred Securities are publicly traded under the ticker symbol "VLYPRA" on the New York Stock Exchange and will be redeemed prior to their stated maturity date of December 15, 2031. ____________ Aug. 28, 2013 -- Valley National Bancorp today announced that it received approval from the Federal Reserve Bank of New York to redeem all of the outstanding 7 3/4% Trust Preferred Securities issued by VNB Capital Trust I totaling $127.3 million. In connection with this redemption, Valley will also redeem the related outstanding junior subordinated debentures issued by the holding company. Valley expects to deliver a notice of redemption to the holders of the Trust Preferred Securities within the next 60 days. The Trust Preferred Securities are publicly traded under the ticker symbol "VLYPRA" on the New York Stock Exchange. From time to time, Valley's Board has granted management authorization to call all or part of the remaining Trust Preferred Securities for redemption prior to their stated maturity date of December 15, 2031, subject to the Federal Reserve's approval. ____________ June 25, 2013 -- Valley National Bancorp announced that it will deliver a notice of redemption effective July 26, 2013 of principal face amount of $15,000,000 of the 7 ¾% Trust Preferred Securities issued by VNB Capital Trust I, Valley's subsidiary trust. The Trust Preferred Securities are publicly traded under the ticker symbol "VLYPRA" on the New York Stock Exchange. From time to time, Valley's Board has granted management authorization to call all or part of the remaining Trust Preferred Securities for redemption prior to their stated maturity date of December 15, 2031, subject to normal regulatory approval. Excluding the securities related to the notice of redemption described above, Valley has previously redeemed $57.7 million, or 2.3 million shares, of the original $200 million of the Trust Preferred Securities issued by VNB Capital Trust I. ____________ Dec. 16, 2011 -- Valley National Bancorp announced that it will deliver a notice of redemption effective January 17, 2012 of principal face amount of $10,000,000 of the outstanding 7 3/4% Trust Preferred Securities issued by VNB Capital Trust I, Valley's subsidiary trust. The Trust Preferred Securities are publicly traded under the ticker symbol "VLYPRA" on the New York Stock Exchange. ____________ From the Form 8-K filed with the SEC on 9/27/2007 -- On September 27, 2007, Valley National Bancorp delivered a notice of redemption effective October 29, 2007 of principal face amount of $20,618,558 of its outstanding 7 3/4% Junior Subordinated Debentures due December 15, 2031 and 800,000 of the 7 3/4% Trust Preferred Securities and 24,742 of the 7 3/4% Common Securities issued by VNB Capital Trust I, the Company's subsidiary trust. The Trust Preferred Securities are subject to mandatory redemption, in whole or in part, upon repayment of the Junior Subordinated Debentures at the stated maturity date or upon an earlier call date for redemption at par. The Company's Board of Directors has granted management authorization to call, from time to time, all or part of the remaining Junior Subordinated Debentures for redemption prior to their stated maturity date of December 15, 2031. ____________ May 30, 2007 -- Valley National Bancorp recently delivered a notice of redemption effective June 25, 2007 of principal face amount of $20,618,550 of its outstanding 7-3/4% Junior Subordinated Debentures due December 15, 2031 and 800,000 of the 7-3/4% Trust Preferred Securities and 24,742 of the 7-3/4% Common Securities issued by VNB Capital Trust I, the Company's subsidiary trust. The Trust Preferred Securities are subject to mandatory redemption, in whole or in part, upon repayment of the Junior Subordinated Debentures at the stated maturity date or upon an earlier call date for redemption at par. The Company's Board of Directors has granted management authorization to call, from time to time, all or part of the remaining Junior Subordinated Debentures for redemption prior to their stated maturity date of December 15, 2031.
|
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: VNB Capital Trust I, 7 3/4% Trust Originated Preferred Securities (TOPrS), liquidation amount $25 per share, guaranteed by Valley National Bancorp (NYSE: VLY) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 11/07/2006 at $25 per share plus accrued and unpaid dividends, and maturing 12/15/2031. Distributions of 7 3/4% per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the 1st day of the month in which the payment is made (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 7 3/4% Junior Subordinated Deferrable Interest Debentures due 12/15/2031 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (VLY)
IPO - 11/2/2001 - 7.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $176.0 Million
|
Company's Online Information Links
|
| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1455 Valley Road, Wayne, NJ 07474 |
| Main Phone Number |
973-305-8800 |
| Fax Number |
973-696-2044 |
| Shareholder Relations
|
800-522-4100
Ext: 3380
|
| Toll Free Phone Number |
800-522-4100 |
| CEO - Gerald H. Lipkin |
CFO - Alan D. Eskow |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
