NEW YORK, March 03, 2020 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”) (the “Company”) announced that its Annual Report on Form10-K for the year ended December 31, 2019 will be delayed due to circumstances out of the Company’s control and for reasons unrelated to matters concerning Valley.
On Sunday, March 1, 2020, Valley was notified by KPMG LLP, the Company’s independent public accounting firm, that the engagement partner leading the audit of the Company’s financial statements, for personal reasons, would be unable to finalize the audit for the year ended December 31, 2019. The Company had earlier been informed by KPMG that the audit was on schedule for timely completion by March 2, 2020. KPMG has informed the Company that it expects to be able to complete its necessary procedures to provide its opinions and consents to the filing of Company’s Form 10-K within the 15 calendar day period following the due date of the Form 10-K. Consequently, the Company is unable to timely file its Form 10-K for the year ended December 31, 2019, but expects to be able to file its Form 10-K before the end of the 15 calendar day period following the due date of the Form10-K.
As a result of these events, Valley anticipates its annual meeting and record date for the annual meeting could be delayed and will take all appropriate actions to update the public accordingly when additional details become available.
About Valley
As the principal subsidiary of Valley, Valley National Bank is a regional bank with over $37 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley's corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.
Contact: Valley National Bancorp
Michael Hagedorn
Senior Executive Vice President and Chief Financial Officer
973-872-4885