Valley National Bancorp announced the pricing of its public offering of 42,780,748 shares of common stock at $9.35 per share. This offering is expected to generate aggregate gross proceeds of $400 million.
The company also granted the underwriter a 30-day option to purchase up to an additional 6,417,112 shares of common stock at the public offering price. The offering is anticipated to close on November 12, 2024, subject to customary closing conditions.
Valley intends to use the net proceeds from this offering for general corporate purposes and to invest in Valley National Bank as regulatory capital. This capital raise is a strategic step to enhance the bank's financial position.
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