Valley Bank

Valley Bank is the customer-facing banking brand of Valley National Bank, the principal banking subsidiary of Valley National Bancorp. The organization is a regional commercial bank headquartered in Morristown, New Jersey, with roots in the northern New Jersey community-banking market and operations extending across several U.S. states. Its principal activities include commercial and retail banking, lending, deposit gathering, treasury and cash-management services, residential and commercial real-estate finance, equipment finance, wealth-related services, and other financial products delivered through branches, offices, and digital channels. The institution began in 1927 as Passaic Park Trust Company. During the 1930s it adopted the name Bank of Passaic and Trust Company, reflecting its development as a local financial institution in the Passaic area. Its identity and geographic reach changed substantially through acquisitions. In 1956 it acquired the Bank of Allwood in Clifton and became The Bank of Passaic and Clifton. The 1976 acquisition of the Bank of Wayne prompted a broader name: Valley National Bank. The name referred to the lower Passaic River valley associated with Passaic, Clifton, and Wayne. Valley National Bancorp was established as the bank’s holding company in 1983. Over subsequent decades, the group used acquisitions to expand its New Jersey franchise, add branches and deposits, enter the New York and Florida markets, and build nonbank capabilities. Acquired businesses included community banks, savings institutions, mortgage and commercial-finance operations, asset-management activities, title agencies, and other financial-services companies. The strategy gradually transformed Valley from a primarily northern New Jersey institution into a multi-state regional bank. The organization’s expansion outside New Jersey included acquisitions of Merchants Bank, State Bancorp in Long Island, 1st United Bancorp and CNLBancshares in Florida, USAmeriBancorp, The Westchester Bank, and Bank Leumi USA. The Bank Leumi USA transaction was particularly significant because it added a substantial U.S. banking platform and broadened Valley’s capabilities in commercial banking, technology, innovation-related finance, and private banking. Valley also acquired Oritani Bank, strengthening its presence in New Jersey. Leadership continuity has been a notable feature of the organization. Samuel F. Riskin became president in 1953 and led the bank through a long period of asset growth before retiring as chairman and chief executive in 1989. Gerald H. Lipkin then led the company for many years, serving as chairman of Valley National Bancorp and as president and chief executive of Valley National Bank until 2018. Ira Robbins became president and chief executive on January 1, 2018, representing the third person to hold the bank’s presidency since 1953. Today, Valley presents itself as a relationship-oriented regional bank serving individuals, small and middle-market businesses, commercial real-estate customers, municipalities, and specialized industries. Its competitive identity combines local-market banking with the broader product range and geographic coverage of a publicly traded regional financial institution. The brand remains active under the Valley Bank name, while Valley National Bancorp provides the group-level corporate structure.

Valley Bank traces its history to Passaic Park Trust Company, founded in 1927 in New Jersey. In the mid-1930s the institution became Bank of Passaic and Trust Company. Its early development followed the pattern of a local banking institution expanding through mergers and acquisitions within nearby communities. In 1956 the bank acquired Bank of Allwood in Clifton, New Jersey. The transaction led to the name The Bank of Passaic and Clifton, signaling a larger local service area. A further turning point came in 1976, when the institution acquired Bank of Wayne. The expanded footprint made the previous name less suitable, and the bank adopted Valley National Bank, a name associated with the lower Passaic River valley shared by Wayne, Clifton, and Passaic. Valley National Bancorp was formed in 1983 as the holding company for Valley National Bank. During the 1980s and 1990s, the group consolidated a number of community banks and savings institutions in northern New Jersey. These included Bankers National Bank of Elmwood Park, Liberty National Bank of Hillsdale, Fair Lawn State Bank, First National Bank and Trust Company of Kearny, Mayflower Savings Bank, Powder Mill Bank, People’s Bank of Fairfield, Lakeland First Financial Group, American Union Bank, Midland Bancorp, Wayne Bancorp, Ramapo Bank, and other institutions. Valley also assumed deposits from several failed savings institutions through the Resolution Trust Corporation in 1991. The company expanded its business beyond traditional branch banking through acquisitions in mortgage finance, title services, asset management, commercial finance, and related fields. In 1994 it acquired Rock Financial Corporation, and later added businesses including Commonwealth All Service Title Agency, Ramapo Financial Corporation, New Century Asset Management, Hallmark Capital Management, Valley Commercial Capital, Masters Coverage, NIA/Lawyers Title Agency, and Dudley Ventures. These transactions gave the group additional lending, investment, real-estate, and financial-technology capabilities. Geographic expansion beyond New Jersey began in earnest with the acquisition of Merchants Bank in 2000. Valley subsequently entered or expanded in New York and Florida through State Bancorp of Long Island, 1st United Bancorp, CNLBancshares, and USAmeriBancorp. The group also acquired LibertyPointe Bank and The Park Avenue Bank through FDIC-related transactions in 2010. Later acquisitions continued the regional strategy: Oritani Bank expanded the New Jersey franchise in 2019, while The Westchester Bank and Bank Leumi USA extended Valley’s New York-area and specialized commercial-banking presence in 2022. Leadership history has been unusually continuous. Samuel F. Riskin became president in 1953 and remained a central figure until his retirement as chairman and chief executive in 1989. During his tenure, the bank developed from a comparatively small local institution into a much larger regional bank. Gerald H. Lipkin succeeded him and remained a leading executive for nearly three decades, serving as chairman of Valley National Bancorp and as president and chief executive of Valley National Bank until 2018. Ira Robbins became president and chief executive on January 1, 2018. The modern Valley organization operates as a regional banking group under the Valley Bank brand. It serves consumers, small businesses, middle-market companies, commercial real-estate borrowers, specialized industries, and wealth-management clients. Its history reflects a combination of local-market acquisitions, geographic diversification, and expansion into adjacent financial services.

1. 2022The Westchester Bank and Bank Leumi USA acquisitions

   Two acquisitions broaden Valley’s New York-area presence and commercial-banking capabilities.

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2. 2019Oritani Bank acquisition

   Valley expands its New Jersey banking network through the acquisition of Oritani Bank.

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3. 2018Ira Robbins becomes chief executive

   Robbins succeeds Gerald Lipkin as president and chief executive.

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4. 2000Expansion beyond New Jersey begins

   The acquisition of Merchants Bank marks an important step in Valley’s broader geographic expansion.

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5. 1983Valley National Bancorp is formed

   A holding-company structure is established above Valley National Bank.

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6. 1976Valley National Bank name is adopted

   The acquisition of Bank of Wayne prompts a broader identity tied to the lower Passaic River valley.

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7. 1956Acquisition of Bank of Allwood

   The Clifton acquisition leads to the name The Bank of Passaic and Clifton.

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8. 1930The bank becomes Bank of Passaic and Trust Company

   The institution adopts a new name during the 1930s as its local banking business develops.

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9. 1927Passaic Park Trust Company is founded

   The institution that later became Valley Bank begins operations in New Jersey as Passaic Park Trust Company.

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A relationship-focused, multi-state regional bank combining community-bank roots with commercial-banking scale and specialized financial-services capabilities.

• Retail bankingConsumer banking

  Valley provides consumer deposit accounts, checking and savings products, residential lending, home-equity finance, cards, and digital banking services. These offerings support individuals and households through branch, office, and electronic channels.

• Commercial bankingBusiness banking

  Commercial banking is a central part of the Valley franchise. Products include business deposits, credit facilities, working-capital finance, treasury management, cash management, and relationship banking for small and middle-market companies.

• Commercial real-estate financeReal-estate lending

  Valley finances commercial real-estate owners, developers, and investors through lending and related banking services. This capability reflects the institution’s long-standing concentration in New Jersey and metropolitan New York markets.

• Private banking and wealth servicesWealth management

  The organization offers private-banking and wealth-related services for affluent individuals, families, business owners, and institutions, complementing its deposit and lending relationships.

• Specialty financeSpecialized lending

  Through internal businesses and acquired capabilities, Valley has participated in equipment finance, commercial finance, mortgage-related activity, and other specialized lending and financial-services areas.

• 2022Acquire Bank Leumi USAM&A

  Valley sought to increase its scale and deepen its commercial and specialized banking presence in the United States.

  What changed. Valley National Bancorp acquired Bank Leumi USA as part of its broader expansion strategy.

  Aftermath. The transaction expanded Valley’s New York-area platform and added capabilities serving commercial, private-banking, and innovation-oriented customers.

  Reported transaction value. $1.2 billion (2022 transaction)

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• 1983Create Valley National Bancorp as a holding companyStrategy

  The growing bank needed a corporate structure capable of owning and coordinating banking and related financial-services businesses.

  What changed. Valley National Bancorp was formed as the holding company for Valley National Bank.

  Aftermath. The structure supported later acquisitions and diversification into nonbank financial services.

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• 1976Adopt the Valley National Bank identityStrategy

  The acquisition of Bank of Wayne expanded the institution beyond the geographic implications of its existing name.

  What changed. The bank selected Valley National Bank, referring to the lower Passaic River valley connecting its principal communities.

  Aftermath. The new identity became the foundation for the institution’s subsequent regional expansion.

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• 2022Valley National Bancorp acquires The Westchester Bank

  The acquisition strengthened Valley’s presence in Westchester County and the wider New York metropolitan banking market.

  M&A
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• 2022Valley National Bancorp acquires Bank Leumi USA

  Valley completed the acquisition of Bank Leumi USA, broadening its commercial, private-banking, and specialized financial-services platform.

  M&A
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• 2019Valley National Bancorp acquires Oritani Bank

  The transaction expanded Valley’s New Jersey franchise and added Oritani’s banking operations to the Valley organization.

  M&A
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• 2018Ira Robbins becomes president and chief executive

  Ira Robbins succeeded Gerald Lipkin as president and chief executive, beginning a new leadership phase for the bank.

  Leadership change
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1. Valley Bank
2. Valley National Bank official website