WAYNE, N.J., July 22 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) ("Valley"), the holding company for Valley National Bank,
announced that SNL Financial ranked Valley's home equity loan portfolio the
8th best-performing portfolio among publicly traded banks and thrifts with
more than $100 million in home equity lines of credit on their books during
the twelve months ended March 31, 2008 based on a combination of low
delinquency rates and net charge-offs.
At June 30, 2008, Valley's $538 million home equity portfolio
consisting of over 14,200 loans continued to perform well, with only 11
loans past due 30 days or more. These delinquent loans totaled $727
thousand or 0.14 percent of the total home equity portfolio at June 30,
2008 as compared to $1.1 million or 0.21 percent of the portfolio at March
31, 2008. Gerald H. Lipkin, Chairman, President and CEO of Valley noted
that, "These numbers continue to demonstrate the strong performance of our
loan portfolio and management's dedication to high loan underwriting
standards in a time when many bank analysts are anticipating more bad news
about home equity losses and delinquencies from the financial sector."
About Valley
Valley is a regional bank holding company with nearly $14 billion in
assets, headquartered in Wayne, New Jersey. Its principal subsidiary,
Valley National Bank, currently operates 193 branches in 131 communities
serving 14 counties located in northern and central New Jersey, Manhattan,
Brooklyn and Queens through its principal subsidiary, Valley National Bank.
For more information about Valley National Bank and its products and
services, please visit http://www.valleynationalbank.com or call Customer Service
24/7 at 1-800-522-4100.
Forward-Looking Statements
The foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements are
not historical facts and include expressions about management's confidence
and strategies and management's expectations about new and existing
programs and products, relationships, opportunities, taxation, technology
and market conditions. These statements may be identified by such
forward-looking terminology as "expect," "believe," "view," "opportunity,"
"allow," "continues," "reflects," "typically," "usually," "anticipate," or
similar statements or variations of such terms. Such forward-looking
statements involve certain risks and uncertainties. Actual results may
differ materially from such forward-looking statements. Factors that may
cause actual results to differ from those contemplated by such
forward-looking statements include, among others, the following:
unanticipated changes in the direction of interest rates; stronger
competition from banks, other financial institutions and other companies;
changes in loan and mortgage prepayment assumptions; insufficient allowance
for credit losses; a higher level of net loan charge- offs and
delinquencies than anticipated; a decline in the economy in Valley's
primary market areas, mainly in New Jersey and New York; a decrease in loan
origination volume; and operational risks, including the risk of fraud by
employees or outsiders and unanticipated litigation pertaining to Valley's
fiduciary responsibility.
SOURCE Valley National Bancorp
 back to top
Related links:
http://www.valleynationalbank.com
http://www.prnewswire.com/comp/141340.html/
CONTACT:
Dianne M. Grenz, First Senior Vice President,
Director of Marketing, Public & Shareholder Relations of Valley
National Bancorp, +1-973-305-4005
|
