DBRS Rates Valley National Bancorp’s Preferred Stock at BBB (low); Stable trend

DBRS, Inc. (DBRS) has today assigned a Preferred Stock rating of BBB (low) to Valley National Bancorp (Valley or the Company). The trend for the Preferred Stock rating is Stable.

On June 16, 2015, Valley announced that it has commenced public offerings of non-cumulative perpetual preferred stock, and subordinated debentures. The Company intends to use the net proceeds from these offerings for general corporate purposes, potential strategic acquisitions, and investments in Valley National Bank as regulatory capital.

Valley has a DBRS subordinated debt rating of BBB (high) with a Stable trend.

Valley National Bancorp, a commercial bank headquartered in Wayne, New Jersey, with approximately $19 billion in total assets at March 31, 2015, has a DBRS Issuer & Senior debt rating of A (low).

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2014). Other applicable methodologies include the DBRS Criteria – Support Assessments for Banks and Banking Organisations (March 2015), and DBRS Criteria - Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015).

The primary sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Michael Driscoll
Rating Committee Chair: William Schwartz
Initial Rating Date: 5 October 2009
Most Recent Rating Update: 28 May 2015

For additional information on this rating, please refer to the linking document under Related Research.