WAYNE, N.J., May 30 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) 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.
Valley National Bancorp is a regional bank holding company with
approximately $12 billion in assets, headquartered in Wayne, New Jersey.
Its principal subsidiary, Valley National Bank, currently operates 169
branch offices located in 110 communities serving 13 counties in northern
and central New Jersey and New York City. Valley's web site can be found at
http://www.valleynationalbank.com.
Forward-Looking Statements
The 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
expectations about market conditions. These statements may be identified by
such forward-looking terminology as "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. Valley
assumes no obligation for updating any such forward-looking statement at
any time.
SOURCE Valley National Bancorp
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Related links:
http://www.valleynationalbank.com
http://www.prnewswire.com/comp/141340.html/
CONTACT:
Alan D. Eskow, Executive Vice President &
Chief Financial Officer of Valley National Bancorp,
+1-973-305-4003
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