Welcome to our dedicated page for Valley National Bancorp news (Ticker: VLY), a resource for investors and traders seeking the latest updates and insights on Valley National Bancorp stock.
Valley National Bancorp (NYSE: VLY) is a bank holding company with Valley National Bank as its principal wholly-owned subsidiary. Specializing in commercial, retail, trust, and investment services, Valley National Bancorp operates through an extensive network of 213 branches and 254 ATMs across northern and central New Jersey, New York City, Long Island, Florida, and Alabama.
As a regional bank, Valley National Bank provides a full range of banking services to both individual consumers and businesses. These services include cash management, consumer and commercial lending, investment alternatives, insurance, and estate planning solutions. Clients can access these services through traditional branches, ATMs, and digital platforms such as online banking and mobile apps.
Valley National Bancorp is distinguished by its conservative approach, which aims to safeguard the interests of its customers, shareholders, and employees, particularly during uncertain economic times. This approach allows the bank to deliver not only a wide array of resources but also customized solutions akin to those offered by local community banks. Their commitment to outstanding customer service has cemented their reputation as a trustworthy financial institution.
In recent years, Valley National Bancorp has focused on strategic acquisitions to expand its footprint beyond traditional banking. This has included an emphasis on wealth and capital management services, aiming to provide comprehensive financial solutions to its diverse clientele. The bank's core business segments are commercial lending, consumer lending, investment management, and corporate adjustments, with the majority of its interest income derived from commercial lending activities.
In terms of financial performance, Valley National Bancorp has shown consistent growth. The company's interest income is presented on a tax-equivalent basis using a 21 percent federal tax rate. Loan portfolios are net of unearned income and include non-accrual loans. The bank also manages available for sale securities based on average historical amortized costs and includes junior subordinated debentures issued to capital trusts.
Valley National Bancorp regularly updates its stakeholders with quarterly earnings reports. As of the latest update, the bank will release its fourth quarter 2023 earnings on January 25, 2024. This will be followed by a conference call hosted by CEO Ira Robbins, providing insights into the company's financial health and future plans.
For more information, you can visit their official website at valleynationalbank.com.
Valley National Bancorp (VLY) has entered into a merger agreement to acquire Bank Leumi Le-Israel Corporation, expanding its commercial product offerings and enhancing funding verticals. The deal is valued at approximately $1,148 million, combining assets of $8.4 billion from Bank Leumi. The transaction is expected to be 7% accretive to earnings in 2023, with minimal tangible book value dilution. Valley aims to leverage Leumi's technology and venture capital banking business, enhancing its revenue diversity. The merger is anticipated to close in early 2022, pending regulatory approvals.
Artistic Tile has filed a lawsuit against Valley Bank (NASDAQ: VLY) for allegedly cashing over $5 million in counterfeit checks from May to July 2021. Despite a 34-year relationship, the bank failed to implement adequate safeguards, allowing fraudulent transactions to occur. Artistic Tile's executives, including Founder Nancy Epstein, attempted to communicate with bank officials but received no response. After discovering the fraud, Artistic Tile informed law enforcement of the bank's shortcomings, raising questions about its security practices.
Valley National Bancorp (NASDAQ:VLY) announced quarterly dividends for shareholders on record as of September 15, 2021. A cash dividend of $0.390625 per share will be paid on its 6.25% Fixed-To-Floating Rate Preferred Stock Series A, and $0.34375 per share on the 5.50% Fixed-To-Floating Rate Preferred Stock Series B, both on September 30, 2021. Additionally, the common stock dividend is set at $0.11 per share, payable October 1, 2021, unchanged from the previous quarter. These dividends underscore the bank's commitment to shareholder returns amidst its operational strategy.
Valley National Bank is expanding its presence in the greater Philadelphia region, focusing on providing financial services to small and mid-sized businesses. With approximately $41 billion in assets, Valley emphasizes its expertise in Commercial and Industrial lending as well as Commercial Real Estate loans, offering tailored financing solutions. The bank's regional commercial lending team is led by Mark Biedermann, a seasoned professional with over 32 years of experience. The move aims to enhance personalized banking services and support local businesses in achieving their financial goals.
Valley National Bancorp (NASDAQ:VLY) reported a net income of $120.5 million for Q2 2021, up from $95.6 million in Q2 2020. Adjusted net income reached $126.6 million, reflecting strong performance in net interest income, which increased to $301.8 million. The bank's net interest margin improved to 3.18%. Total loans decreased by $229 million due to a drop in PPP loans, while non-PPP loans showed a robust annualized growth of 10.4%. Valley also announced the acquisition of The Westchester Bank, enhancing its regional market presence.
Valley Bank (NASDAQ:VLY) is enhancing its digital banking capabilities to expand its services nationwide. The bank launched Valley Direct, offering a high-yield savings account accessible via a quick online application. Valley aims to transform by investing in technology and partnerships with Fintechs, emphasizing a transition from physical branches to a comprehensive digital ecosystem. New hires, including Chris Craver and Walt Cox, bring extensive experience in financial technology, focusing on product development and digital payment systems, respectively. This marks a pivotal step in Valley's commitment to providing superior financial services.
Valley National Bancorp (NASDAQ: VLY) has announced a definitive merger agreement to acquire The Westchester Bank Holding Corporation, enhancing its presence in Westchester County, NY. The acquisition, valued at approximately $210 million in Valley stock, gives Valley access to Westchester's $1.3 billion in assets and will strengthen its commercial lending expertise. This strategic move is expected to be accretive to Valley’s earnings by about 1% and aims to promote growth in a lucrative market. The deal is anticipated to close in Q4 2021, pending regulatory and stockholder approvals.
Valley National Bancorp (NASDAQ:VLY) announced it will release its second quarter 2021 earnings before the market opens on July 22, 2021. The CEO Ira Robbins will host a conference call at 11:00 AM ET to discuss the earnings. Investors can listen by dialing 866-354-0432 or join the live webcast. Presentation materials will be available prior to the call on the company's website. Valley National Bank, with approximately $41 billion in assets, aims to empower communities and businesses across New Jersey, New York, Florida, and Alabama.
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