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Valley Bank Releases 2021 Corporate Social Responsibility Report
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Valley National Bancorp (NASDAQ: VLY) has released its 2021 Corporate Social Responsibility (CSR) Report, showcasing over $3.1 billion in investments aimed at strengthening communities across New York, New Jersey, Florida, and Alabama. The bank allocated $468 million for community development loans and $337 million for multi-family loans. Additionally, it provided over 6,100 small business loans and contributed $3.7 million in charitable donations. The report underscores Valley's commitment to affordable housing, economic development, and social impact initiatives.
Positive
Invested over $3.1 billion in community support in 2021.
Allocated $468 million for community development loans.
Provided $337 million in multi-family loans.
Made over 6,100 loans to small businesses.
Contributed $3.7 million to charitable organizations.
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None.
Highlights $3.13 Billion Investment
WAYNE, N.J.--(BUSINESS WIRE)--
Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, released Progressing with Purpose, the Bank’s 2021 Corporate Social Responsibility (CSR) Report that highlights the Bank’s commitment to helping build stronger communities and to advance its mission to raise awareness of community and social impact. In 2021, Valley invested more than $3 Billion to support communities and organizations in New York, New Jersey, Florida and Alabama. To view the full report, click here or visit www.valley.com/CSR2021.
Valley is dedicated to playing a part in the continued progression of the areas we serve. The report highlights Valley’s ongoing commitment to serving low-to-moderate income (LMI) neighborhoods and individuals. This includes $468 Million in community development loans to advance affordable housing and community services to LMI individuals, economic and community development, and revitalization and stabilization. To further support underserved neighborhoods and areas, $337 Million in multi-family loans were provided and over 6,100 loans were made to small businesses. The Bank also supported non-profit organizations with nearly $3.7 Million in total charitable giving last year.
Valley focuses on its four CSR pillars which include promoting affordable homes, inspiring innovation and entrepreneurship, stimulating economic and community development and living its commitment to impactful local leadership. Throughout 2021, Valley's Environmental Social Governance (ESG) council continued to develop a strategy for achieving business objectives while remaining socially responsible. The bank has implemented a Sustainable Lending program for hybrid and electric vehicle financing, and provides loans that support renewable resources and energy efficient buildings. Valley released its first annual ESG Report in December 2021 which highlights our plans, progress and impact.
“Valley’s commitment to our communities remains a priority and we continue to explore and adopt new initiatives and partnerships,” said Bernadette Mueller, Executive Vice President and Chief CSR-CRA Officer. “Supporting those in need defines our purpose and while these past two years have been challenging for so many, we are pleased to collaborate with community-based organizations to help those who need it most.”
About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $54 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.
