Valley National Bank Receives An 'A' Rating From DBRS
WAYNE, N.J., Oct. 9 /PRNewswire-FirstCall/ -- Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp (NYSE: VLY) announced today that DBRS, a globally recognized provider of timely credit rating opinions, has assigned a rating of A (low) to Valley National Bancorp's Issuer & Senior Debt and a rating of "A" to the Deposits & Senior Debt of Valley National Bank based on the bank's strong asset quality, which DBRS sees as reflective of the Company's disciplined underwriting.
DBRS cited Valley's sustained sound asset quality, consistent profitability and the demographically attractive market it operates in as the bank's core strengths.
"We are pleased with the rating DBRS has given us," said Gerald H. Lipkin, Chairman, President and CEO of Valley National Bank. "It is consistent with Valley's longstanding focus on credit quality and the fundamentals of long-term performance for its shareholders. The DBRS rating reinforces the credit culture we have established here at Valley."
Valley is a regional bank holding company, headquartered in Wayne, New Jersey, with over $14 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 199 branches in 135 communities serving 14 counties throughout northern and central New Jersey and Manhattan, Brooklyn and Queens. Valley is the largest commercial bank headquartered in New Jersey.
