Valley Bank

Valley National Bancorp
Public company
Traded as NYSE: VLY
S&P 400 component
Industry Financial services
Founded 1927 (1927) in Passaic, New Jersey
Headquarters Wayne, New Jersey
Area served
  • New Jersey
  • New York
  • Pennsylvania
  • Florida
  • Alabama
Key people
 Gerald H. Lipkin, Chairman
Ira Robbins, CEO & President
Alan D. Eskow, CFO
Decrease $0.152 billion (2017)
Total assets Increase $24.002 billion (2017)
Total equity Increase $2.533 billion (2017)
Number of employees
 2,842 (2017)
Website valley.com
Footnotes / references
[1]

About Valley National Bank Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with approximately $30 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, Florida and Alabama. Valley is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service. For more information about Valley and its products and services, please visit www.valley.com or call our Customer Service Center at 800-522-4100.


History

The bank was founded in 1927[2] as the Passaic Park Trust Company (Passaic, New Jersey, Passaic).

The bank changed its name in the mid-1930s to the Bank of Passaic and Trust Company.

In 1956, the bank acquired the Bank of Allwood based in Clifton, New Jersey and the name was changed to the Bank of Passaic and Clifton.

In 1976, after the acquisition of the Bank of Wayne, the bank was renamed Valley National Bank. (Wayne)

In 1977, the bank acquired Bankers National Bank (Elmwood Park).

In 1981, the bank acquired Liberty National Bank (Hillsdale).

In 1982, the bank acquired Fair Lawn State Bank (Fair Lawn).

In 1983, Valley National Bancorp was formed.

In 1984, purchased First National Bank and Trust Co. of Kearny (Kearny).[3]

In 1989, Samuel F. Riskin (died in 1992[4]), the chairman and chief executive officer of the company, retired. Riskin had been appointed president in 1953. Under his leadership, the bank's assets grew from $40 million to $3 billion.

In 1990, the bank purchased Mayflower Savings Bank (Livingston).[3]

In 1991, the bank acquired the Deposits from RTC for North Jersey Savings (Clifton) / First Jersey Savings (Wyckoff) / Nutley Savings (Nutley)/ Yorkwood Savings (Warren).[3]

In 1992, the bank acquired Powder Mill Bank (Morris Plains).

In 1993, the bank acquired People's Bank (Fairfield).[3]

In 1994, the bank acquired Rock Financial Corporation for $45.8 million in stock.[5]

In 1995, the bank acquired Lakeland Savings Bank and American Union Bank (Union).

In 1997, the bank acquired Midland Bancorp (Paramus).

In 1998, the bank acquired Wayne Bancorp.

In 1999, the bank acquired Commonwealth All Service Title Agency, New Century Asset Management Co[3] and following the acquisition of Wayne-based Ramapo Bank, the bank moved its headquarters to Wayne, New Jersey.[6]

In 2000, the bank acquired Hallmark Capital Management, Inc[3] and Merchants Bank for $375 million in stock.[7]

In 2001, the bank acquired Valley Commercial Capital, LLC.

In 2002, the bank acquired Masters Coverage Corp.[3]

In 2002, the bank acquired NIA/Lawyers Title Agency, LLC.[3]

In 2004, the bank acquired Shrewsbury Bancorp for $136 million.[8]

In 2005, the bank acquired NorCrown Bank (Livingston).

In 2008, the bank acquired Greater Community Bank (Totowa).

In 2010, the bank acquired LibertyPointe Bank and The Park Avenue Bank (both FDIC acquired).

In 2012, the bank acquired State Bank of Long Island (Jericho).[3]

In 2014, the bank acquired 1st United Bancorp (Boca Raton, Florida).[9][10]

In 2015, the bank acquired CNLBancshares (Orlando, Florida).[11][12]

Effective January 1, 2018, Ira Robbins was appointed CEO and President.[13]

In 2018, the bank acquired USAmeriBancorp for $816 million (Clearwater, Florida).[14]

October 10, 2018, Valley stock switched from the New York Stock Exchange to NASDAQ, symbol VLY.

References

  1. ↑ "Valley National Bancorp 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Our History". Valley National Bank.
  3. 1 2 3 4 5 6 7 8 9 "VNB Acquisitions". Valley National Bank.
  4. ↑ DANIELS, LEE A. (August 29, 1992). "Samuel Riskin, 85, Ex-Chairman And President of New Jersey Banker". The New York Times.
  5. ↑ "VALLEY NATIONAL BANCORP ADDING ROCK FINANCIAL". The New York Times. August 27, 1994.
  6. ↑ "VALLEY NATIONAL BANCORP TO ACQUIRE RAMAPO FINANCIAL". The New York Times. December 19, 1998.
  7. ↑ "VALLEY NATIONAL BANCORP TO BUY MERCHANTS BANK". The New York Times. Dow Jones & Company. September 7, 2000.
  8. ↑ "COMPANY BRIEFS". The New York Times. December 3, 2004.
  9. ↑ "Valley National Bancorp and 1st United Bancorp, Inc. Announce Closing Date for the Acquisition of 1st United Bancorp, Inc" (Press release). PR Newswire. October 22, 2014.
  10. ↑ Bandell, Brian (May 8, 2014). "1st United, Palm Beach County's largest bank, acquired by New Jersey bank". American City Business Journals.
  11. ↑ "Valley National Bancorp Completes Its Merger Of CNLBancshares, Inc" (Press release). PR Newswire. December 1, 2015.
  12. ↑ Barth, Cindy (May 27, 2015). "CNLBank acquired by Valley National". American City Business Journals.
  13. ↑ "Valley National Bancorp Announces the Retirement of Gerald H. Lipkin and Appointment of Ira Robbins as CEO" (Press release). PR Newswire. November 2, 2017.
  14. ↑ "Valley National Bancorp Completes Its Merger of USAmeriBancorp, Inc" (Press release). PR Newswire. January 2, 2018.
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