Intel stock extends gains after report of possible U.S. government stake
Valley National Bancorp (NASDAQ:VLY), a New Jersey-based financial institution with a market capitalization of $4.87 billion and an attractive dividend yield of 5.06%, announced today the appointment of Eyal Efrat as an independent director to its Board. According to InvestingPro data, the bank trades below book value at 0.69x, suggesting potential undervaluation. Efrat will serve on the Risk Committee and the Cyber and Technology Sub-Committee, with his term extending until the next annual meeting of shareholders.
Efrat brings over two decades of experience in the financial sector, having recently served as the First Executive Vice President & Chief Information Officer at Bank Leumi Le-Israel B.M. He has held leadership roles at Harel Insurance Investments and Financial Services Ltd., and Clal Insurance Enterprises Holdings Ltd. His educational background includes a BA in business with a focus on Information Systems and Finance from Ono Academic College and an MBA in Business Management and Finance from Baruch College.
This appointment follows the resignation of Avner Mendelson, a previous Bank Leumi designee, on January 24, 2025. Efrat’s nomination is in line with the Investor Rights Agreement dated April 1, 2022, between Valley National Bancorp and Bank Leumi. He does not have any material interest in transactions that would necessitate disclosure under SEC regulations.
Efrat will receive compensation as per the company’s non-employee director compensation program outlined in Valley National Bancorp’s Proxy Statement filed on April 5, 2024. This information is based on a press release statement from Valley National Bancorp. For deeper insights into Valley National’s governance structure and comprehensive financial analysis, InvestingPro subscribers can access detailed research reports and additional ProTips that help evaluate management effectiveness and financial health.
In other recent news, Valley National Bancorp reported its Q3 2024 financial results, revealing a mixed performance. The company posted earnings per share of $0.13, missing the forecast of $0.15, while revenue exceeded expectations, reaching $474.18 million against an anticipated $468 million. Despite the earnings miss, the company’s net income rose to $98 million from $70 million in the previous quarter, driven by top-line expansion and effective expense management. The company’s strategic shift towards commercial and industrial lending contributed to this growth, with C&I loans experiencing mid-teens annualized growth for two consecutive quarters.
In other developments, Valley National Bancorp announced the sudden resignation of non-employee director Avner Mendelson from its board of directors, effective immediately. The resignation was disclosed in an 8-K filing with the Securities and Exchange Commission, and no specific reason was provided for the departure. Bank Leumi, which appointed Mendelson under an Investor Rights Agreement, plans to appoint a new designee to fill the vacancy. Meanwhile, Valley National Bancorp’s management has not indicated any operational issues linked to Mendelson’s resignation.
Additionally, Valley National Bancorp anticipates low single-digit annualized loan growth in Q4 2024, with a slight decline in net interest income due to planned loan sales. The company expects credit costs to normalize significantly in 2025, which could enhance profitability, as noted by CEO Ira Robbins and CFO Mike Hagedorn. These recent developments highlight the ongoing strategic adjustments and financial performance of Valley National Bancorp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.