During the first quarter, we closed our State Bank acquisition and officially expanded the franchise into the Long Island market. We now operate 44 full service branches in the Boroughs and Long Island. Valley’s total deposits in this market now exceeds $2.8 billion and over one-third of the Valley’s entire C&I portfolio in summer sales in New York.Long Island’s demographics are similar to our Northern New Jersey market, and will provide an excellent opportunity for our customer-focused sale rep to cultivate both new and current customers. Similar to our previous (inaudible) into the New York market with our Merchants Bank acquisition in 2001, State Bank offered very little consumer-based products. This will be an area of focus for Valley in the future.
Valley National Bancorp's CEO Discusses Q1 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.