WAYNE, N.J., Sept. 9, 2011 /PRNewswire/ -- Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp (NYSE: VLY), announced today that it will not re-engage Moody's Corporation for its rating services. "After a review of our current ratings, management concluded that we have sufficient coverage from various agencies, including Standard & Poor's and DBRS, that rate our institution," remarked Senior Executive Vice President and Chief Financial Officer Alan Eskow.
The current ratings of Valley National Bank are as follows:
- S&P: "A" with a stable outlook
- DBRS: "A" with a stable outlook
Mr. Eskow further stated, "the volume of securities outstanding does not warrant three ratings agencies at this time."
Valley is a regional bank holding company with over $14 billion in assets, headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, currently operates 197 branches in 135 communities serving 14 counties throughout northern and central New Jersey, Manhattan, Brooklyn and Queens. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service 24 hours a day, 7 days a week. Valley National Bank offers a wide range of deposit products, mortgage loans and cash management services to consumers and businesses including products tailored for the medical, insurance and leasing business. Valley National Bank's comprehensive delivery channels enable customers to bank in person, by telephone or online.
For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call Customer Service 24/7 at 800-522-4100.
SOURCE Valley National Bank