By Denny Jacob
Valley National Bancorp closed a sale of a pool of performing commercial real estate mortgage loans to Brookfield Asset Management.
The holding company for Valley National Bank said the final loan pool sold had contractual balances totalling about $925 million, of which about $823 million had been previously identified and transferred to held for sale as of Sept. 30.
The loan pool was sold at a discount of about 1% to par value, and Valley will retain customer-facing servicing responsibilities, Valley National Bancorp said.
Valley National Bancorp expects to recognize an incremental immaterial net loss related to the approximate 1% discount on loans that had not been previously moved to held for sale as of Sept. 30 and traditional transaction-related expenses in the fourth quarter.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 03, 2024 09:09 ET (14:09 GMT)
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