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Valley National Bancorp Announces Adoption of Share Repurchase Program | Your money

NEW YORK, April 26, 2022 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ: VLY) (“Valley”) today announced that its Board of Directors has approved a stock repurchase program of up to $25 million of Valley common stock. The repurchase authorization will expire on April 25, 2024. The actual timing and number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternative investment opportunities. Valley’s board also ended its 2007 share buyback program.

Under the buyback program, buybacks may be made from time to time using various methods, including open market purchases, all in accordance with the rules of the United States Securities and Exchange Commission and other requirements. applicable laws. The buyback program does not obligate Valley to acquire any particular amount of stock, and the buyback program may be suspended or terminated at any time at Valley’s discretion.

About Valley As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $50 billion in assets, including our recent acquisition of Bank Leumi USA. Valley is committed to empowering people and businesses to succeed. Valley operates numerous convenient commercial banking branches and offices in New Jersey, New York, Florida, Alabama, California and Illinois, and is committed to providing the most convenient service, the latest innovations and a team experienced and knowledgeable staff dedicated to meeting customer needs. . Helping communities grow and prosper is at the heart of Valley’s corporate citizenship philosophy. To find out more about the valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.

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 of management’s beliefs and strategies and management’s expectations regarding our new and existing activities, programs and products. , acquisitions, relationships, opportunities, tax, technology, market conditions and economic expectations. These statements may be identified by forward-looking terms such as “should”, “expect”, “believe”, “see”, “opportunity”, “allow”, “continue”, “reflect”, “generally”, ” usually “. “, “anticipate”, or similar statements or variations of these terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include, but are not limited to:

the inability to realize the cost savings and synergies expected from the acquisition of Bank Leumi USA in the amounts or within the timeframes anticipated; greater than expected costs or difficulties related to Bank Leumi USA integration matters; the inability to retain customers and qualified employees of Bank Leumi USA; higher than expected one-time charges related to the acquisition of Bank Leumi USA; the continued impact of COVID-19 on the U.S. and global economies, including business disruptions, job reductions and an increase in business bankruptcies, particularly among our customers; the impact of COVID-19 on our employees and our ability to provide services to our customers and meet their needs as more cases of COVID-19 may occur in our primary markets; the impact of forbearances or deferrals we are required to or accept as a result of customer demands and/or governmental actions, including, but not limited to, our potential inability to recover fully deferred payments from b or warranty; risks relating to the discontinuation of the London Interbank Offered Rate and other benchmark rates, including increased expense and litigation and the effectiveness of hedging strategies; damages verdicts or settlements or restrictions related to existing or potential class action or individual litigation litigation arising from claims for violation of laws or regulations, claims in contract, breach of fiduciary responsibility, negligence, fraud, environmental laws , patent or trademark infringement, employment-related and other claims; a prolonged economic downturn, primarily in New Jersey, New York, Florida, Alabama, California and Illinois, as well as an unexpected decline in commercial real estate values ​​in our market areas; income tax expense or tax rates that are higher or lower than expected, including increases or decreases resulting from changes in uncertain conditions tax position liabilities, tax laws, regulations and case law ; the inability to grow customer deposits to keep pace with loan growth; a material change in our provision for credit losses under CECL due to expected economic conditions and/or unexpected credit deterioration in our lending and investment portfolios; the need to supplement debt or equity to maintain or exceed internal capital thresholds; higher than expected technology costs due to, among other factors, prolonged or failed implementations, additional project personnel and obsolescence caused by continued and rapid market innovations; the loss or decline of lower cost sources of funding within our deposit base, including our failure to meet deposit retention targets as part of Valley’s branch transformation strategy; cyberattacks, ransomware attacks, computer viruses or other malware that may compromise the security of our websites or other systems to gain unauthorized access to confidential information, destroy data, disable or degrade the service, or sabotage our systems; results of reviews by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank (FRB), the Consumer Financial Protection Bureau (CFPB), and other regulatory authorities, including the possibility that such regulator may, among other things, require us to increase our provision for credit losses, write down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities; our inability or determination not to pay dividends at current levels, or not to pay dividends at all, due to earnings, regulatory restrictions or limitations, changes in our capital requirements or decision to raise capital retaining more profits; unforeseen payment delays, loss of warranty, decrease in service revenue and other potential adverse effects on our business caused by extreme weather conditions, the COVID -19 pandemic or other external events; and unexpected significant declines in the loan portfolio due to lack of economic expansion, increased competition, large prepayments, changes in lending regulatory guidelines or other factors.

A detailed discussion of factors that could affect our results is included in our filings with the SEC, including the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

We undertake no obligation to update any forward-looking statement to conform it to actual results or to changes in our expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.