Valley National Bancorp announced a proposed public offering of its common stock. The company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold in this offering.
The net proceeds from this offering are intended for general corporate purposes. Additionally, a portion of the proceeds will be used for investments in Valley National Bank as regulatory capital.
This financing move aims to bolster the company's financial flexibility and support its ongoing strategic initiatives. The offering will be made pursuant to an effective shelf registration statement.
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