Valley Bank Invested More than $3 Billion to Support Its Communities in 2023

Rhea-AI Summary

Valley National Bancorp (NASDAQ: VLY) released its 2023 Corporate Social Responsibility (CSR) Report, investing over $3 billion in supporting communities across various states. The report highlights significant contributions in community development loans, multi-family and residential mortgage loans, community development investments, loans for small businesses, and charitable donations. Valley's CSR initiatives focus on affordable housing, entrepreneurship, economic and community development, and local leadership.

Positive

• Valley National Bancorp demonstrated a strong commitment to social, economic, and environmental initiatives by investing over $3 billion to support organizations and communities across multiple states.

• The company's focus on community development loans, affordable housing support, small business loans, and charitable giving reflects a proactive approach to creating positive community impact and fostering financial capacity building.

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• None.

Valley’s 9^th Corporate Social Responsibility Report Released

MORRISTOWN, N.J.--(BUSINESS WIRE)-- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, released “Building a Better Future” – the Bank’s 2023 Corporate Social Responsibility (CSR) Report highlighting its commitment to drive meaningful change through social economic and environmental initiatives. Last year, Valley invested more than $3 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/2023-csr

Report highlights include:

• $1.21 billion in community development loans to advance affordable housing and community services to low-to-moderate income (LMI) individuals, economic and community development, and revitalization and stabilization
• $887 million in multi-family and residential mortgage loans to support affordable housing in LMI areas and for LMI individuals
• $547 million in community development investments supporting LMI neighborhoods individuals and businesses
• $418 million in loans to support small businesses and/or in underserved neighborhoods
• $4.9+ million in total charitable giving last year to support non-profit organizations

Valley is dedicated to the communities it serves by supporting and strengthening these communities through economic inclusion, workforce and community development, investment in local nonprofits, environmental stewardship, and an intentional 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.

“We have strategically invested in initiatives aimed at deepening our impact within the community, particularly in the realm of financial capacity building,” said Bernadette Mueller, Executive Vice President and Chief Corporate Social Responsibility - CRA Officer. “We are focused and purposeful about our approach to create positive community impact. From empowering small businesses to fostering financial education and supporting vital community organizations, together, we are building stronger, more resilient communities.”

Valley encourages its employees and supports their efforts to give back to their communities. In 2023, Valley launched the Workplace Giving program which doubles the impact of its associates’ donations to their favorite nonprofit organizations through a matching donation. Through the bank’s Valley Cares program, Valley employees volunteered more than 13,500 service hours to support community partners and programs in the regions we serve.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with $61 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, 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 Care Center at 800-522-4100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507849217/en/

Pam Golden

(973) 564 - 8591

pam@glapr.com

Source: Valley National Bank

FAQ

How much did Valley National Bancorp invest in supporting communities in 2023?

Valley National Bancorp invested over $3 billion in supporting organizations and communities in 2023.

What are the key focus areas of Valley's CSR initiatives?

Valley's CSR initiatives focus on promoting affordable housing, inspiring innovation and entrepreneurship, stimulating economic and community development, and driving impactful, local leadership.

What states did Valley support with its community investments in 2023?

Valley supported communities in New Jersey, New York, Florida, Alabama, California, and Illinois with its investments in 2023.

How many service hours did Valley employees volunteer in 2023?

Valley employees volunteered more than 13,500 service hours in 2023 through the bank's Valley Cares program.