Valley National Bank is a federally chartered commercial bank operating 195 branches in parts of northern and central New Jersey and some boroughs of New York City. Its headquarters are in Wayne, New Jersey. Valley’s detailed history can be found at this link.

On October 24, 2008 Valley announced that it would participate in the Treasury Department’s Capital Purchase Program, and that it would sell $330 million in preferred stock to Treasury. According to a press release, Valley intended, “to use the proceeds from this sale for general corporate purposes which include additional capital to grow lending operations and support acquisitions of other financial institutions which may become available in the current economic downturn.”   Recent speculation is that Citigroup, another participant in the Treasury program, may be interested in acquiring Valley.

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November 13, 2008 Citi Eyes Smaller Fish in Deposit Quest (TheStreet.com)

October 24, 2008 Valley National Bancorp Volunteers to Participate in the U.S. Treasury Capital Purchase Program (MarketWatch)

October 23, 2008 Valley National Bancorp Reports Third Quarter Earnings, Loan Growth and Net Interest Margin Expansion (PRNewswire-FirstCall)

Bailout Bank Bio: Valley National Bancorp
 

 Last Updated March 16, 2008