VALLEY NATIONAL BANCORP (NYSE:VLY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of |
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Certain Officers; Compensatory Arrangements of Certain
Officers. |
Bank (collectively, the Company) entered into an amended and
restated severance letter agreement (the Severance Letter
Agreement) with Gerald H. Lipkin. The Severance Letter Agreement
clarifies Mr. Lipkins pension benefit by conforming the
conversion factor that is used to determine his annuity to the
Companys qualified pension plan. The result is an estimated 66
2/3rds joint and survivor annual annuity payable to Mr. Lipkin of
$801,170 as of December 31, 2016 and an estimated increase in the
present value of Mr. Lipkins pension benefit of between $347,000
and $463,000 as of December 31, 2016.
which is incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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10.1
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Severance Letter Agreement, dated as of January 24,
2017, between Valley National Bancorp, Valley National Bank and Gerald H. Lipkin. |
About VALLEY NATIONAL BANCORP (NYSE:VLY)
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending; Commercial Lending; Investment Management, and Corporate and Other Adjustments. The consumer lending segment includes its residential mortgages, home equity loans and automobile loans. The commercial lending segment primarily includes floating rate and adjustable rate commercial and industrial loans, as well as fixed rate owner occupied and commercial real estate loans. The investment management segment includes the Company’s investments in various types of securities, its federal funds sold and interest-bearing deposits with banks (primarily the Federal Reserve Bank of New York). The Bank has over 230 branches serving northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida. VALLEY NATIONAL BANCORP (NYSE:VLY) Recent Trading Information
VALLEY NATIONAL BANCORP (NYSE:VLY) closed its last trading session up +0.38 at 12.26 with 5,948,933 shares trading hands.