Short answer
VALLEY NATIONAL BANCORP (VLY) filed an 8-K current report with the SEC on May 14, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 2.03 (Creation of a Direct Financial Obligation), Item 8.01 (Other Events). $500M subordinated notes issued May 14, 2026, strengthening Valley National’s funding and regulatory capital position.
VALLEY NATIONAL BANCORP 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- $500M subordinated notes issued May 14, 2026, strengthening Valley National’s funding and regulatory capital position
- 6.219% fixed coupon through June 1, 2031, with semiannual payments beginning June 1, 2026
- Quarterly rate reset thereafter to expected three-month term SOFR plus 243 basis points through June 1, 2036 maturity
- Notes intended to qualify as Tier 2 capital but rank below senior debt, increasing investor credit risk
- Callable at par from June 1, 2031, subject to Federal Reserve approval; earlier redemption limited to specified regulatory or tax events
Item 8.01 · Other Events
- $494.1 million net proceeds from subordinated Notes offering, strengthening regulatory capital and funding flexibility
- $300 million 3.00% fixed-to-floating subordinated Notes due 2031 scheduled for full redemption June 15, 2026
- Redemption at 100% principal plus accrued interest, eliminating the 2031 Notes from outstanding debt
- Transaction reshapes subordinated funding profile and may change future interest expense depending on replacement-note terms
Other items in this filing:
- Item 2.03: Creation of a Direct Financial Obligation
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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