Valley National Bancorp Acquires Dudley Ventures and its Affiliates

Rhea-AI Summary

Valley National Bancorp announced its acquisition of Dudley Ventures, a leading advisory firm focused on tax credit investments. This strategic move is expected to enhance Valley's capabilities in community development, having invested over $2 billion in tax credits in the past 20 years. The acquisition includes Dudley's affiliated entities and aims to leverage Valley's extensive commercial real estate expertise, furthering their commitment to economically distressed communities. Valley plans to utilize Dudley’s tax credit strategies to strengthen its community impact.

Positive

• Acquisition of Dudley Ventures enhances community investment capabilities.
• Dudley has a track record of over $2 billion invested in tax credit transactions.
• The acquisition aligns with Valley's commitment to community development.
• Valley’s commercial real estate expertise will complement Dudley's advisory services.

Negative

• None.

The acquisition will have a positive impact on local communities by pairing a team of seasoned experts in tax credit investment advisory services with one of the premiere commercial real estate lenders in the country

NEW YORK, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Valley National Bancorp (“Valley”) (NASDAQ:VLY) announced today that it is has acquired Arizona-based Dudley Ventures, an advisory firm specializing in the investment and management of tax credits. Over its greater than 20-year history, Dudley Ventures and its affiliates have invested over $2 billion in tax credit transactions, leading to deep community impact. The transaction includes the acquisition of Dudley Ventures’ entities DV Community Investment, DV Fund Advisors and Dudley Ventures Advisory Services.

“We’re excited to partner with Dudley Ventures and support their mission of renewing and revitalizing economically distressed communities nationwide,” remarked Valley Chairman, CEO and President, Ira Robbins. “Aligning Dudley Ventures’ expertise in tax credit investment strategies with Valley’s industry-leading commercial real estate line of business and Valley’s “Outstanding” Community Reinvestment Act rating, will have a significant impact on our ability to build stronger communities across the country.”

Dudley Ventures provides advisory, structuring, syndication, and placement of federal and state tax credit funds. Additionally, the highly knowledgeable staff is equipped to provide all supportive services, including financial reporting and asset management requirements. 

Through their Community Development Entity (CDE), DV Community Investment has been awarded more than $500 million in New Markets Tax Credit (NMTC) allocations from the CDFI fund over the past 10 years.

“We are thrilled to join Valley as we broaden the reach of serving communities through highly impactful tax credit investments. Valley’s expertise in commercial lending combined with its embedded service culture makes Valley a natural partner,” said Dudley Ventures President and Founder, Jim Howard.

About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $41 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 Care Center at 800-522-4100.

Contact:
Valley National Bancorp
Rick Kraemer
Executive Vice President
973-686-4817

FAQ

What is the significance of Valley's acquisition of Dudley Ventures?

The acquisition enhances Valley's capacity to invest in economically distressed communities through tax credit strategies.

How much has Dudley Ventures invested in tax credits historically?

Dudley Ventures has invested over $2 billion in tax credit transactions over more than 20 years.

What are the expected impacts of this acquisition on local communities?

The acquisition is expected to significantly strengthen Valley’s ability to support community development initiatives.

What entities are included in the acquisition of Dudley Ventures?

The acquisition includes Dudley Ventures’ entities DV Community Investment, DV Fund Advisors, and Dudley Ventures Advisory Services.