Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in

Wayne, New Jersey Wayne is a Township (New Jersey), township in Passaic County, New Jersey, Passaic County, New Jersey, United States. Home to William Paterson University and located less than from Midtown Manhattan, the township is a bedroom suburb of New York ...

, 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 Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...

Brooklyn Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, be ...

, and

Queens Queens is a borough of New York City, coextensive with Queens County, in the U.S. state of New York. Located on Long Island, it is the largest New York City borough by area. It is bordered by the borough of Brooklyn at the western tip of Long ...

, 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 Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

and

Alabama (We dare defend our rights) , anthem = "Alabama (state song), Alabama" , image_map = Alabama in United States.svg , seat = Montgomery, Alabama, Montgomery , LargestCity = Huntsville, Alabama, Huntsville , LargestCounty = Baldwin County, Al ...

. 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 Clifton is a city in Passaic County, in the U.S. state of New Jersey. Criss-crossed by several major highways, the city is a regional commercial hub for North Jersey and is a bedroom suburb of New York City in the New York Metropolitan Area. As ...

, 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 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

* 1976: The Bank of Wayne, after which, the bank was renamed Valley National Bank. * 1977: Bankers National Bank of

Elmwood Park, New Jersey Elmwood Park is a Borough (New Jersey), borough in Bergen County, New Jersey, Bergen County, New Jersey, United States, and is a bedroom community, bedroom suburb located from New York City. As of the 2010 United States census, the borough's ...

* 1981: Liberty National Bank of

Hillsdale, New Jersey Hillsdale is a borough in the New York City metropolitan area in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 10,219,Fair Lawn, New Jersey Fair Lawn is a borough in Bergen County, New Jersey, United States, and a bedroom suburb located northwest of New York City. As of the 2020 United States Census, the borough’s population was 34,940, which constituted a 7.7% increase from 32, ...

* 1984: First National Bank and Trust Co. of

Kearny, New Jersey Kearny ( ) is a town in the western part of Hudson County, New Jersey, United States and a suburb of Newark. As of the 2010 United States Census, the town's population was 40,684, * 1990: Mayflower Savings Bank of

Livingston, New Jersey Livingston is a township (New Jersey), township in Essex County, New Jersey, Essex County, New Jersey. As of the 2010 United States census, 2010 U.S. census, the township's population was 29,366, reflecting an increase of 1,975 (+7.2%) from the ...

, for $19.7 million. * 1991: The bank acquired from the

Resolution Trust Corporation The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets ...

the deposits for the following failed banks: ** North Jersey Savings of Clifton, New Jersey ** First Jersey Savings of

Wyckoff, New Jersey Wyckoff is a township in Bergen County, in the U.S. state of New Jersey. As of the 2020 United States census, the township's population was 16,585. At the time of the 2010 census, the township's population was 16,696, reflecting an increase of ...

** Nutley Savings of Nutley, New Jersey ** Yorkwood Savings of

Warren, New Jersey Warren Township is a township in Somerset County, New Jersey, United States. The township is a bedroom suburb of New York City in the much larger New York metropolitan area, located within the Raritan Valley region. As of the 2020 United State ...

. * 1992: Powder Mill Bank of

Morris Plains, New Jersey Morris Plains is a borough in Morris County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 5,532,Fairfield, New Jersey, for $10.6 million * 1995: Lakeland First Financial Group, Inc. for $119.8 million (not to be confused wit
Lakeland Bank
of

Oak Ridge, New Jersey Oak Ridge is an unincorporated community located along the border of West Milford Township in Passaic County and Jefferson Township in Morris County, New Jersey, United States. The area is served as United States Postal Service ZIP Code 07438. ...

), and American Union Bank of Union Township, New Jersey, for $7 million. * 1997: Midland Bancorp of

Paramus, New Jersey Paramus ( Waggoner, Walter H ''The New York Times'', February 16, 1966. Accessed October 16, 2018. "Paramus – pronounced puh-RAHM-us, with the accent on the second syllable – may have taken its name from 'perremus' or 'perymus,' Indian for ...

, 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 Shrewsbury is a Borough (New Jersey), borough in Monmouth County, New Jersey, Monmouth County, New Jersey, United States. Centrally located in the Jersey Shore region in the New York Metropolitan area, the borough is an historic bedroom commun ...

, for $135.96 million. * 2005: NorCrown Bank of

, for $141 million. * 2008: Greater Community Bancorp of

Totowa, New Jersey Totowa (pronounced "TO-tuh-wuh" ) is a borough in Passaic County, New Jersey, United States. As of the 2010 United States census, the borough's population was 10,844,FDIC The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credi ...

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 Jericho is a hamlet and census-designated place (CDP) in Nassau County, New York, United States, on the North Shore of Long Island, approximately 29 miles (47 km) east of Midtown Manhattan. Its population was 13,567 as of the U.S. 2010 Cen ...

) 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, 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