Dec 23 - Valley National Bancorp (NYSE: VLY), the holding company for Valley National Bank, is pleased to announce an exciting new branch restructuring initiative that will allow its customers to bank the way they choose. If customers want to access their accounts on their smartphone, desktop computer or use automated systems or bank the way they have in the past at a branch, Valley will offer all of these options to its customers.
Branches will be equipped to provide more automation and customer convenience through the integration of state of the art equipment and technology. Of course branches will be staffed by employees who will have the ability to open accounts, process deposits, cash checks and provide all other branch services. We are looking forward to this new and exciting multi-year transition. which will begin in early 2014.
"Over the past five years we've seen an increasing demand for a digital and self-service banking experience," commented Valley's First Senior Vice President Andrea Onorato. "Since 2008, like most banks we have realized a decrease of in branch transaction volume. At the same time, our electronic payments have soared. We are adapting to these emerging demands to engage more 'tech savvy' customers in today's banking industry."
As part of this restructuring initiative, most of Valley's 204 branches will receive technology upgrades to streamline and enhance the customer experience, while improving efficiencies by lowering operating costs. These upgrades include:
The bank will continue to offer a traditional banking experience, including all financial services, at its more active branches which will continue to provide full sales and service support. Product specialists will continue to be available for personalized meetings with clients at our branches. Valley's banking professionals will continue to provide the same personalized care and service throughout all of its branches.
"In order to remain a competitive financial institution, our traditional branch network needs to adapt," remarked Valley Chairman, President & CEO Gerald H. Lipkin. "These restructuring efforts will help Valley modernize its branch presence while still providing the convenient and personalized service our customers expect from us."
The equipment, technology and infrastructure required to implement the strategy is expected to cost several million dollars per year. However, we anticipate cost saves provided in conjunction with the implementation to largely mitigate the initial cost. In the next few years non-interest expense is expected to contract as a majority of Valley's branch network migrates to the new platform and delivery channels.
Valley National Bancorp is a regional bank holding company headquartered in Wayne, N.J., with $16 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 204 branches in 144 communities serving 16 counties throughout northern and central New Jersey, Manhattan, Brooklyn, Queens and Long Island. 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, seven days a week.