Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On January 20, 2023, Ronen Agassi, a non-employee director on the board of directors (the "Board") of Valley National Bancorp (the "Company"), notified the Company of his intention to resign from the Board effective February 28, 2023.

Mr. Agassi was appointed to the Board as the designee of Bank Leumi Le-Israel B.M. ("Bank Leumi") pursuant to the terms of the Investor Rights Agreement, dated as of April 1, 2022, by and between the Company and Bank Leumi. Mr. Agassi, currently Head of the Corporate Division of the LeumiGroup, has tendered his resignation in connection with his acceptance of a position with a new employer. Mr. Agassi's resignation from the Board is not due to any disagreement between Mr. Agassi and the Company.

Bank Leumi has informed the Company that it intends to seek appointment of a new designee to the Board in Mr. Agassi's place.

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