Valley Bank: Difference between revisions
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==History== |
==History== |
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The bank was founded in 1927<ref name="badcredit">{{cite web|last1=Randall|first1=Mike|title=Valley National Bank® Brings Fair and Affordable Homeownership Options to Underserved Neighborhoods|url=http://www.badcredit.org/news/valley-national-bank-helps-underserved-homebuyers/|website=BadCredit.org|accessdate=8 November 2017|date=23 August 2017}}</ref> as the Passaic Park Trust Company. |
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The bank was founded in 1927 as the Passaic Park Trust Company. |
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The bank changed its name in the mid-1930s to the Bank of Passaic and Trust Company. |
The bank changed its name in the mid-1930s to the Bank of Passaic and Trust Company. |
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Revision as of 22:28, 8 November 2017
| File:Valley National Bank.png | |
| Company type | Public company |
|---|---|
| NYSE: VLY S&P 400 component | |
| Industry | Financial services |
| Founded | 1927 in Passaic, New Jersey |
| Headquarters | |
Area served |
|
Key people | Gerald H. Lipkin, Chairman & CEO Rudy E. Schupp, President Alan D. Eskow, CFO[1] |
| Revenue |  $0.775 billion (2016)[1] |
| $0.160 billion (2016)[1] | |
| Total assets | $22.864 billion (2016)[1] |
| Total equity | $1.529 billion (2016)[1] |
Number of employees | 2,828 (2016)[1] |
| Website | valleynationalbank |
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, operates 209 branches in 30 counties in northern and central New Jersey, Manhattan, Brooklyn, Queens, Long Island and Florida.
History
The bank was founded in 1927[2] 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 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.
In 1989, Samuel F. Riskin, 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. Riskin died in 1992.[3]
In 1994, the bank acquired Rock Financial Corporation for $45.8 million in stock.[4]
In 1999, following the acquisition of Wayne-based Ramapo Bank, the bank moved its headquarters to Wayne, New Jersey.[5]
In 2000, the bank acquired Merchants Bank for $375 million in stock.[6]
In 2004, the bank acquired Shrewsbury Bancorp for $136 million.[7]
In 2014, the bank acquired 1st United Bancorp.[8][9]
In 2015, the company acquired CNLBancshares.[10][11]
In 2017, the bank acquired USAmeriBancorp for $816 million.[12]
References
- ^ a b c d e f "Valley National Bancorp 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ Randall, Mike (23 August 2017). "Valley National Bank® Brings Fair and Affordable Homeownership Options to Underserved Neighborhoods". BadCredit.org. Retrieved 8 November 2017.
- ^ DANIELS, LEE A. (August 29, 1992). "Samuel Riskin, 85, Ex-Chairman And President of New Jersey Banker". The New York Times.
- ^ "VALLEY NATIONAL BANCORP ADDING ROCK FINANCIAL". The New York Times. August 27, 1994.
- ^ "VALLEY NATIONAL BANCORP TO ACQUIRE RAMAPO FINANCIAL". The New York Times. December 19, 1998.
- ^ "VALLEY NATIONAL BANCORP TO BUY MERCHANTS BANK". Dow Jones & Company. The New York Times. September 7, 2000.
- ^ "COMPANY BRIEFS". The New York Times. December 3, 2004.
- ^ "Valley National Bancorp and 1st United Bancorp, Inc. Announce Closing Date for the Acquisition of 1st United Bancorp, Inc" (Press release). PRNewswire. October 22, 2014.
- ^ Bandell, Brian (May 8, 2014). "1st United, Palm Beach County's largest bank, acquired by New Jersey bank". American City Business Journals.
- ^ "Valley National Bancorp Completes Its Merger Of CNLBancshares, Inc" (Press release). PRNewswire. December 1, 2015.
- ^ Barth, Cindy (May 27, 2015). "CNLBank acquired by Valley National". American City Business Journals.
- ^ "Valley National Bancorp To Acquire USAmeriBancorp, Inc. And Substantially Enhance Its Florida Franchise" (Press release). PRNewswire. July 26, 2017.
External links
- Business data for Valley National Bancorp: