During the second quarter, we will be opening an executive office in Manhattan to spearhead this geographic expansion. Both our senior staff and I will be spending time each week at this location in order to make ourselves readily available to these growing segments of our customer base.
The Northern New Jersey, New York City and Long Island marketplace provides from our view the greatest demographic opportunities in the country as one of the longest standing middle market commercial lenders in the region, we have a history and stability to develop profitable relationships and promote the Valley brand while increasing both the earnings power and franchisee value of the organization.
The following comments surrounding loan growth and activity for the quarter do not include the impact of the $37 million short-term loan to State Bank Corp that was made in December of 2011, that loan was used to repay their TARP funds and was eliminated at closing on January 1. Total loan growth during the quarter adjustment for the acquisition of stake was extremely promising as non-covered loans grew nearly 15% annualized. Growth for the period was achieved two-fold as Valley originated nearly $1 billion of loans internally and acquired during the last week of March an additional $112 million portfolio of mostly commercial real estate loans within our geographic marketplace. We anticipate the purchase loans will be immediately accretive to our bottom line based on the underlying economics of each loan. In addition we will pursue additional relationships from the 185 commercial borrowers purchased. We conducted full credit due diligence on each and every loan prior to the purchase. Since we were quite selected in the loans we acquired, we will believe the transaction will add to our bottom line immediately.
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