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Valley National Bancorp, 5.50% Fixed/Float Non Cumul Perp Preferred Stk Series B
Ticker Symbol: VLYPO CUSIP: 919794305 Exchange: NGS
QUANTUMONLINE.COM SECURITY DESCRIPTION: Valley National Bancorp, 5.50% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/30/2022 at $25 per share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.50% per annum ($1.375 per annum or $0.34375 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date fixed by the board, not more than 30 days or less than 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From 6/30/2022, distributions will be paid at a floating rate equal to three-month LIBOR plus a spread of 3.578% per annum. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-30 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (VLY)
Notes: September 24, 2018 -- Valley National Bancorp (NYSE:VLY), the holding company for Valley National Bank, today announced that it is transferring its stock exchange listing to the Nasdaq Global Select Market from the New York Stock Exchange. Valley expects its common stock to begin trading on Nasdaq on October 10, 2018, and it will continue to be listed under the ticker symbol VLY. Valley will also transfer and list preferred A stock under the symbol VLYPA, preferred B stock under the symbol VLYPB, and warrants under the symbol VLYWW.
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IPO - 7/27/2017 - 4.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: VLY-B Changed: 10/08/2018
Market Value $ Million
Click for current VLYPO price quote from the NASDAQ
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: One Penn Plaza, New York, NY 10119 |
Main Phone Number |
973-305-8800 |
Fax Number |
973-696-2044 |
Investor Relations
Travis Lan
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973-305-8800
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Toll Free Phone Number |
800-522-4100 |
CEO - Ira Robbins |
CFO - Michael D. Hagedorn |
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