VLYPO Valley National 5.5% Fixed to Floating Rate Series B Non-Cumulative Preferred
Dividends on the Series B Preferred Shares will be payable in arrears when, as and if declared by our board of directors or a duly authorized committee of the board, (i) from and including the original issuance date to, but excluding September 30, 2022, at a rate per annum equal to 5.50%, on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2017 and ending on September 30, 2022, and (ii) from and including September 30, 2022, at an annual floating rate equal to three-month LIBOR plus a spread of 3.578%, on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2022. Dividends on the Series B Preferred Shares will be non-cumulative. The Series B Preferred Shares may be redeemed in whole or in part, from time to time, on any dividend payment date on or after September 30, 2022, or in whole, but not in part, at any time within 90 days following a “regulatory capital treatment event”, in each case at a redemption price of $25 per share plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to but excluding the redemption date. This security was issued by Valley National, whose common stock symbol is VLY.
$22.72 0.00 (0.00%)
As of 03/24/2023 00:00:00 EST IEX book CBOE book
Security Information
Category1: US Equity
Category2: Preferred stocks
Category3: Non-convertible
GICS sector: Financials
Industry: Banks-Regional
Index country: USA
Country of incorporation: USA
IPO date: 07/28/2017
Outstanding shares: 4,000,000
Average volume: 32,762
Market cap: $90,600,000
Current dividend yield: 9.17% calculation
Initial coupon rate: 5.500%
Spread to LIBOR: 0.035780
Cumulative: No
Liquidation value: $25.00
Callable after: 06/30/2022
Maturity date: n/a - perpetual
Prospectus: Read on SEC.gov
All SEC filings: SEC Edgar Online
Quarterly filings: 10-Q
Annual filings: 10-K
Sedol: BDGSY95