Valley National Bancorp in Wayne, N.J., is planning to issue a combined $200 million in preferred stock and debt.

The $19 billion-asset company said it will issue $110 million in perpetual preferred non-cumulative stock. Valley will also issue $90 million in subordinated unsecured notes due June 2025.

Valley plans to use the proceeds general corporate purposes, potential strategic acquisitions and regulatory capital investments in its bank unit, Valley National Bank. Valley in March filed a registration statement with the Securities and Exchange Commission to sell securities; it did not disclose specific offering amounts in the shelf registration.

In May, Valley agreed to acquire the $1.4 billion-asset CNLBancshares in Orlando, Fla., for $207 million in stock. Valley's deal for the holding company of CNLBank is expected to close in the fourth quarter.

Sandler O'Neill, KBW and Deutsche Bank are financial advisers to Valley on the debt offering. Sandler, KBW and RBC Capital Markets are advisers on the stock offering. Day Pitney is its legal counsel.

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