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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 1, 2020

 

VALLEY NATIONAL BANCORP

(Exact Name of Registrant as Specified in Charter)

 

New Jersey 1-11277 22-2477875

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

 

One Penn Plaza, New York, New York 10119
(Address of Principal Executive Offices) (Zip Code)

 

(973) 305-8800

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value VLY The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series A, no par value VLYPP The Nasdaq Stock Market LLC
Non-Cumulative Perpetual Preferred Stock, Series B, no par value VLYPO The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

   
  

 

Item 5.07Submission of Matters to a Vote of Security Holders.

 

 

The Company held its Annual Meeting of Shareholders on May 1, 2020. On the record date of March 11, 2020, there were 403,748,667 shares of the Company’s common stock outstanding. A total of 358,819,133 shares were present or represented by proxy at the meeting. The Company’s shareholders took the following actions:

 

Proposal #1 – Voted on the election of 12 persons, named in the Proxy Statement, to serve as directors of the Company for the ensuing year constituting the entire Board of Directors. The following is a list of directors elected at the Annual Meeting with the number of votes “For”, “Against”, “Abstain” and “Broker Non-Votes”, as well as the percentage of votes cast “For” each director nominee.

 

   Number of Votes 
Name  For   % For   Against   Abstain   Broker Non-
Votes		 
Andrew B. Abramson  274,889,425   96.19   10,881,976   613,907   72,433,825 
Peter J. Baum  280,232,622   98.06   5,524,627   628,059   72,433,825 
Eric P. Edelstein  279,036,679   97.64   6,726,076   622,553   72,433,825 
Graham O. Jones  270,821,438   94.80   14,836,799   727,071   72,433,825 
Marc J. Lenner  276,500,908   96.76   9,245,201   639,199   72,433,825 
Kevin J. Lynch  277,934,217   97.32   7,643,332   807,759   72,433,825 
Peter V. Maio  283,278,822   99.14   2,441,638   664,848   72,433,825 
Ira Robbins  275,447,016   96.55   9,833,049   1,105,243   72,433,825 
Suresh L. Sani  278,278,601   97.39   7,446,615   660,092   72,433,825 
Lisa J. Schultz  281,464,843   98.48   4,330,760   589,705   72,433,825 
Jennifer W. Steans  281,087,560   98.37   4,653,663   644,085   72,433,825 
Jeffrey S. Wilks  266,851,472   93.40   18,842,687   691,149   72,433,825 

 

Proposal #2 – Ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2020. The number of shares voted “For” and “Against” this proposal, as well as the number of abstentions and broker non-votes, was as follows:

 

    Number of
Votes		     Percentage  
For   355,126,678     99.21  
Against   2,824,171     0.78  
Abstain   868,284        
Broker Non-Votes   0        

 

Proposal #3 – Approved, on a non-binding basis, the compensation of the Company’s named executive officers as determined by the Compensation and Human Resources Committee. The number of shares voted “For” and “Against” this proposal, as well as the number of abstentions and broker non-votes, was as follows:

 

    Number of
Votes		     Percentage  
For   275,585,998     96.83  
Against   9,013,425     3.16  
Abstained   1,785,885        
Broker Non-Votes   72,433,825        

 

   
  

 

Proposal #4 – Approved an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of the Company’s common stock. The number of shares voted “For” and “Against” this approval, as well as the number of abstentions and broker non-votes, was as follows:

 

    Number of
Votes		     Percentage  
For   340,736,955     95.40  
Against   16,411,982     4.59  
Abstained   1,670,196        
Broker Non-Votes   0        

 

Proposal #5 – Voted against a shareholder proposal to amend the Company’s By-laws and governing documents to provide that holders in the aggregate of 10% of the Company’s common stock have the ability to call a special meeting of shareholders. The number of shares voted “For” and “Against” this proposal, as well as the number of abstentions and broker non-votes, was as follows:

 

    Number of
Votes		     Percentage  
For   83,932,016     29.60  
Against   199,560,025     70.39  
Abstained   2,893,267        
Broker Non-Votes   72,433,825        

 

   
  

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Dated:  May 5, 2020   VALLEY NATIONAL BANCORP  
       
  By: /s/ Ronald H. Janis  
    Ronald H. Janis  
    Senior Executive Vice President and General Counsel