Valley National Bancorp (VLY) in Wayne, N.J., plans to redeem $15 million in trust-preferred securities.

The $16 billion-asset company said Tuesday that it would repurchase the debt in the next 30 days. When completed, Valley National will have bought back roughly 36% of the $200 million in trust-preferred securities issued by a subsidiary it formed in 2001.

Valley National expects to periodically redeem its trust-preferred debt, company officials said.

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