In 2018, only 10% of financial institutions received an “Outstanding” rating
Submitted by: Valley National Bancorp
Posted: Dec 20, 2019 – 08:00 AM EST
WAYNE, N.J., Dec. 20 /CSRwire/ - Valley Bank received an “Outstanding” rating from the Office of the Comptroller of the Currency (OCC) for exceeding the terms of the Community Reinvestment Act (CRA) exam. The Community Reinvestment Act requires banks to meet the credit needs of low- and moderate-income communities across America. The exam rates institutions in three categories: lending, investment, and services. Included in the assessment are bank practices such as mortgage lending, small business lending, community development lending, investments and services to communities, along with employee community involvement. Valley received notification of this award in November, 2019.
Valley’s Board established a Community Reinvestment Act Committee which supported senior management in its efforts to achieve this assessment rating. Management worked together to foster collaboration amongst Valley employees, community organizations and other stakeholders. Additionally, the bank worked very closely with its advisory board members in each geographical region help shape a culture that is responsive to community needs while embracing social responsibility and sustainability.
Valley publishes a Corporate Social Responsibility report each year available on its website which can be found on our website: https://www.valley.com/VNB/media/Library/PDFs/8586_2018_CSR_FINAL.pdf.
Some of Valley’s significant achievements as noted by the OCC during the exam period:
Provided flexible lending and innovative retail products that meet the needs of customers within assessment areas
Originating almost $50 million dollars in SBA loans and small business lines as a preferred SBA lender
Collaborated with organizations like New Jersey Citizen Action and Association for Neighborhood Housing Development to create residential mortgage products responsive to first-time home buyers
Originated over 250 Community Advantage and Community Advantage Plus loans totaling $56 million
Focused on providing financial literacy to empower adults, seniors, and students into making the best financial decisions as well as increase board presence and participation.
“We are proud of our achievements and the culture we are building at Valley,” remarked Executive Vice President, Corporate Social Responsibility – CRA, Bernadette Mueller. “Our commitment to meeting the needs of the community put us among an elite group of financial institutions who received this rating. We look forward to building on this accomplishment with a strong focus on community and sustainability in everything we do.”
As the principal subsidiary of Valley, Valley National Bank is a regional bank with approximately $38 billion in assets, exclusive of purchase accounting adjustment for our recent acquisition of Oritani Financial Corp. 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 Service Center at 800-522-4100.
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