Valley National Bancorp (VLY) Earnings Call Transcript & Summary

Hello, and welcome to Valley National Bancorp's 2022 Special Shareholders Meeting. At this time, I would like to turn the conference over to Ira Robbins, Chairman of the Board of Directors and CEO of Valley. Mr. Robbins, you may begin.

Thank you. Good afternoon, and thank you for joining us today. On behalf of the entire Board, our officers and associates, I would like to thank you for attending our Special Meeting of Shareholders. The purpose of this specialty meeting is to vote on the issuance of shares of Valley common stock in connection with our acquisition of Bank Leumi. Shareholders may ask questions when they are logged in by following the instructions on their screen. Before submitting questions, we ask you to carefully review our rules of conduct. Because this is a special meeting, we will only be answering questions related to the proposal to issue shares in connection with the Bank Leumi acquisition. We will only accept questions, unless you include your name, city and state in the comment box. Today's agenda is displayed on the side, located on the right side of your screen. You also have available below the agenda on your screen, access to our proxy statement for this meeting and as required by law, a list of Valley shareholders as to the record date by the annual meeting. At today's meeting, I will conduct a formal portion of the special meeting and answer any questions from shareholders. Because this is a special meeting, I will not be making any formal presentation. With that, I call our 2022 Special Shareholders Meeting to order. A notice of special meeting and proxy statement was mailed or made available to all shareholders of record as of November 19, 2021. I ask that the affidavit of mailing be annexed to the minutes of this meeting. I am pleased to announce that the inspectors of election have taken their oath of office and informed me that there are present by proxy a sufficient number of the shares of common stock of the company to constitute a quorum. At this time, any shareholders that are logged in who have not voted already or wish to change their vote may do so now by clicking on the Vote Here button on your screen. Now I open the floor for questions.

Ira, the first question we have related to the acquisition is there will be a change in the material of the FDIC. Is this acquisition going to be affected by that change?

Thank you, Travis. This acquisition is not subject to approval by the FDIC and as such, the change of the FDIC will not impact this acquisition.

We've received 2 other questions that are not related to the matters up for vote at this meeting. For the rules of conduct, please reach out to Investor Relations for any additional questions that are unrelated to this meeting.

Thank you, Travis. I will now report the preliminary results of the voting as reported to me by the inspectors of election. There are 2 proposals presented at this meeting, each described in detail in the proxy statement. The first item of business is the approval of the issuance of Valley common stock in connection with our acquisition of Bank Leumi. More than 98% of the shares voting at this meeting on this proposal were voted in favor of this proposal. Consequently, the proposal is approved. The second proposal of business relates to proposal #2, if passed, however, is not relevant to this point -- or however, is not relevant at this point. The results I have announced are preliminary. The final tabulation of these votes will appear on our Form 8-K to be filed with the Securities and Exchange Commission this week. This concludes the 2022 Special Shareholders Meeting. I now adjourn the meeting. Thank you.

This now concludes the meeting. Thank you for joining, and have a pleasant day.