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Valley National Bancorp (NASDAQ:VLY), a New Jersey-based financial institution with a market capitalization of $5.77 billion, announced the immediate resignation of non-employee director Avner Mendelson from its board of directors, effective January 24, 2025. This sudden departure was disclosed in a recent 8-K filing with the Securities and Exchange Commission. According to InvestingPro data, the bank has maintained dividend payments for 51 consecutive years, currently offering a 4.26% yield.
Mendelson, who joined the board as a designee of Bank Leumi Le-Israel B.M. under an Investor Rights Agreement dated April 1, 2022, stepped down without any reported disagreement with the company, Valley National Bank, or its management. The reason behind his resignation was not specified in the filing.
Bank Leumi has expressed its intention to appoint a new designee to fill the vacancy left by Mendelson's exit. Details regarding the prospective appointee or the timeline for the appointment have not been provided.
The announcement comes without any indication that Mendelson's resignation is linked to issues within the company or its operations. Valley National Bancorp has not commented further on the matter beyond the information provided in the SEC filing.
Investors and stakeholders of Valley National Bancorp are likely to watch closely for the next developments, including who will be named as the new director and what, if any, changes this will bring to the board's dynamics.
This report is based solely on the latest 8-K filing by Valley National Bancorp with the Securities and Exchange Commission.
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