Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in
Wayne, New Jersey, with approximately $43 billion in assets. Its principal subsidiary, Valley National Bank (also doing business as Valley Bank), currently operates over 230 branch locations in northern and central New Jersey, the New York City boroughs of
Manhattan,
Brooklyn, and
Queens, as well as
Long Island
Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United Sta ...
, Westchester County, New York,
Florida and
Alabama.
Valley Bank is one of the largest commercial banks headquartered in New Jersey.
History
Founded in 1927 as the Passaic Park Trust Company, the bank changed its name in the mid 1930s to the Bank of Passaic and Trust Company. In 1956 the Bank of Passaic and Trust Company acquired the Bank of Allwood located in
Clifton, New Jersey, and changed its name to The Bank of Passaic and Clifton. The acquisition of the Bank of Wayne in 1976 created a need for a new identity to show the expanded geographic reach of the bank, and the name Valley National Bank was chosen, in reference to the lower
Passaic River
Passaic River ( ) is a river, approximately long, in Northern New Jersey. The river in its upper course flows in a highly circuitous route, meandering through the swamp lowlands between the ridge hills of rural and suburban northern New Jersey, ...
valley shared by Wayne, Clifton, and Passaic.
In 1983, Valley National Bancorp was formed as the holding company of Valley National Bank.
In 1989, Samuel F. Riskin retired as the chairman and chief executive officer of the company. Riskin had served as the longest-tenured president of Valley National Bank, having been appointed in 1953. Under his leadership, the bank's assets grew from $40 million to $3 billion. Riskin, who died in 1992, was replaced by Gerald H. Lipkin, who served as chairman of the board of Valley National Bancorp, and who served as president and CEO of Valley National Bank until 2018.
On January 1, 2018, Ira Robbins was appointed CEO and president, the third president of the bank since 1953.
Acquisitions
Valley National Bancorp has grown through a series of strategic acquisitions in northern and central New Jersey, including the following:
* 1956: The Bank of Allwood of
Clifton, New Jersey
* 1976: The Bank of Wayne, after which, the bank was renamed Valley National Bank.
* 1977: Bankers National Bank of
Elmwood Park, New Jersey
* 1981: Liberty National Bank of
Hillsdale, New Jersey
* 1982: Fair Lawn State Bank of
Fair Lawn, New Jersey
* 1984: First National Bank and Trust Co. of
Kearny, New Jersey.
* 1990: Mayflower Savings Bank of
Livingston, New Jersey, for $19.7 million.
* 1991: The bank acquired from the
Resolution Trust Corporation the deposits for the following failed banks:
** North Jersey Savings of Clifton, New Jersey
** First Jersey Savings of
Wyckoff, New Jersey
** Nutley Savings of
Nutley, New Jersey
Nutley is a township in Essex County, New Jersey, United States. As of the 2020 United States census, the township's population was 30,143.
What is now Nutley was originally incorporated as Franklin Township by an act of the New Jersey Legisla ...
** Yorkwood Savings of
Warren, New Jersey.
* 1992: Powder Mill Bank of
Morris Plains, New Jersey
* 1993: People's Bank of
Fairfield, New Jersey, for $10.6 million
* 1995: Lakeland First Financial Group, Inc. for $119.8 million (not to be confused wit
Lakeland Bankof
Oak Ridge, New Jersey), and American Union Bank of
Union Township, New Jersey, for $7 million.
* 1997: Midland Bancorp of
Paramus, New Jersey, for $108.4 million.
* 1998: Wayne Bancorp of Wayne, New Jersey, for $62.5 million; Ramapo Bank, also of Wayne, for $99.6 million.
* 2004: Shrewsbury Bancorp of
Shrewsbury, New Jersey, for $135.96 million.
* 2005: NorCrown Bank of
Livingston, New Jersey, for $141 million.
* 2008: Greater Community Bancorp of
Totowa, New Jersey, for $135.96 million.
* 2010: LibertyPointe Bank and The Park Avenue Bank (both
FDIC acquired).
*2019: Oritani Bank of Township of Washington, New Jersey, for $850.97 million
Valley National Bancorp moved beyond its New Jersey roots with the following acquisitions:
* 2000: Merchants Bank for $418.2 million in stock.
* 2012: State Bancorp, Inc. of Long Island (
Jericho, New York) for $210.11 million.
* 2014: 1st United Bancorp of
Boca Raton, Florida
Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...
, for $313.79 million.
* 2015: CNLBancshares of
Orlando, Florida
Orlando () is a city in the U.S. state of Florida and is the county seat of Orange County, Florida, Orange County. In Central Florida, it is the center of the Greater Orlando, Orlando metropolitan area, which had a population of 2,509,831, acco ...
, for $224.31 million.
* 2018: USAmeriBancorp of
Clearwater, Florida
Clearwater is a city located in Pinellas County, Florida, United States, northwest of Tampa and St. Petersburg. To the west of Clearwater lies the Gulf of Mexico and to the southeast lies Tampa Bay. As of the 2020 census, the city had a populat ...
, for $769.05 million.
* 2022: The Westchester Bank of White Plains, New York
* 2022:
Bank Leumi USA
Bank Leumi ( he, בנק לאומי, lit. ''National Bank''; ar, بنك لئومي) is an Israeli bank. It was founded on February 27, 1902, in Jaffa as the ''Anglo Palestine Company'' as subsidiary of the Jewish Colonial Trust (Jüdische Kolonia ...
, for $1.2 billion.
The company has also expanded beyond traditional bank operation through the following acquisitions:
* 1994: Rock Financial Corporation for $43.5 million in stock.
* 1999: Commonwealth All Service Title Agency, Ramapo Financial Corporation for $107.3 million, and New Century Asset Management Co.
Following the acquisition of Ramapo Financial, the bank moved its headquarters to Wayne, New Jersey.
* 2000: Hallmark Capital Management, Inc
* 2001: Valley Commercial Capital, LLC.
* 2002: Masters Coverage Corp. and NIA/Lawyers Title Agency, LLC.
* 2021: Dudley Ventures
References
External links
{{NASDAQ Financial-100
1927 establishments in New Jersey
Banks based in New Jersey
American companies established in 1927
Banks established in 1927
Companies listed on the Nasdaq
Companies formerly listed on the New York Stock Exchange
Passaic, New Jersey
Wayne, New Jersey