Valley Bank Invested More than $3.4 Billion to Support Its Communities in 2022

Rhea-AI Summary

Valley National Bancorp releases its 2022 Corporate Social Responsibility (CSR) Report, highlighting its commitment to driving social, economic, and environmental success in the communities it serves. The report showcases the Bank's investment of over $3.4 billion in organizations and communities across multiple states.

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• Valley National Bancorp invested over $3.4 billion in organizations and communities in 2022. The report highlights $1.49 billion in community development loans, $1.1 billion in multi-family and residential mortgage loans, and $455 million in loans to support small business lending. The Bank received an Outstanding rating from the OCC for its Community Reinvestment Act performance.

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New Corporate Social Responsibility Report Released

WAYNE, N.J.--(BUSINESS WIRE)-- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, released “Inspiring Change” – the Bank’s 2022 Corporate Social Responsibility (CSR) Report that highlights its commitment to drive social, economic, and environmental success within the communities it serves. In 2022, Valley invested more than $3.4 Billion to support organizations and communities in New Jersey, New York, Florida, Alabama, California, and Illinois. To view the full report, click here or visit https://valley.com/2022-csr.

Report highlights include:

• $1.49 billion in community development loans to advance affordable housing and community services to LMI (low-to-moderate income) individuals, economic and community development, and revitalization and stabilization
• $1.1 billion in multi-family and residential mortgage loans to support affordable housing in LMI areas
• $455 million in loans were made to support small business lending in underserved neighborhoods
• $5.3+ million in total charitable giving last year to support non-profit organizations

Valley is dedicated to serving, supporting, and strengthening its communities through economic inclusion, workforce and community development, investment in local nonprofits, environmental stewardship, and a conscious commitment to its local partners. The report focuses on Valley’s four pillars of CSR: promoting affordable housing; inspiring innovation and entrepreneurship; stimulating economic and community development; and driving impactful, local leadership within the communities we serve.

“Valley has an unwavering dedication to foster positive change in our communities,” said Bernadette Mueller, Executive Vice President and Chief CSR-CRA Officer. “Our mission is to give people and businesses the power to succeed and we are proud to achieve this through corporate giving, community service, and customized solutions for our communities.”

The Bank’s commitment to DEI is showcased through its efforts to create an inclusive work environment that enhances its ability to innovate its practices and products, gain new insights, and apply this growth to its community work. Through the acquisition of Bank Leumi USA last year, Valley expanded its CSR efforts to Los Angeles, Palo Alto and Chicago.

Additionally, in 2022, Valley received an Outstanding rating from the Office of the Comptroller of the Currency (OCC) for our Community Reinvestment Act (CRA) performance during 2019 – 2021 – it’s second consecutive Outstanding rating.

About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $64 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230525005136/en/

Pam Golden, GLA Communications, pam@glapr.com

Source: Valley National Bank

FAQ

What is the focus of Valley National Bancorp's CSR report?

The focus of Valley National Bancorp's CSR report is on promoting affordable housing, inspiring innovation and entrepreneurship, stimulating economic and community development, and driving impactful, local leadership within the communities it serves.

How much did Valley National Bancorp invest in organizations and communities in 2022?

Valley National Bancorp invested over $3.4 billion in organizations and communities in 2022.

What is the rating received by Valley National Bancorp from the OCC for its Community Reinvestment Act performance?

Valley National Bancorp received an Outstanding rating from the OCC for its Community Reinvestment Act performance.