WAYNE, N.J., Dec. 19, 2016 /PRNewswire/ -- Valley
National Bancorp (NYSE: VLY), holding company of Valley National
Bank, announces the initiation of a comprehensive and sustained
effort to further improve the operating performance of the
Company. Valley has embarked on a program that will seek to
identify operating expense reduction and at the same time revenue
enhancement opportunities, which together are expected to
contribute to sustained earnings improvement for years to
come. The program, which will be called "LIFT", will be
conducted over the first half of calendar 2017 with the
implementation phase beginning soon thereafter.
Valley has selected EHS Partners, LLC to help us achieve success
with this Project. EHS Partners is a New York based consulting firm that
specializes in leading such efforts.
Gerald Lipkin, Chairman,
President and Chief Executive Officer, commented, "This program
follows our success in recognizing over $19
million in operating cost savings derived from a program
announcement made in 2015 and executed in 2016." "While
Valley has shown its ability to produce strong growth as evidenced
in the first three quarters of 2016, exceptional financial
performance requires a commitment to accomplishing growth on an
expense platform that is efficient and effective and delivering a
customer experience that is second to none, said Lipkin."
"The ultimate cost savings and revenue enhancement targets that
spring from this endeavor will be owned by our most senior line of
business executives supported their line managers and dedicated
project teams who will do the heavy lifting of identifying, valuing
and presenting the many individual outcomes of the overall
program," Mr. Lipkin continued. "We will provide periodic
updates to Valley's earnings enhancement initiative in our 2017
quarterly earnings discussions."
About Valley
Valley National Bancorp is a regional bank holding company
headquartered in Wayne, New Jersey
with over $22 billion in assets. Its
principal subsidiary, Valley National Bank, currently operates 209
branch locations serving northern and central New Jersey, the New
York City boroughs of Manhattan, Brooklyn, Queens and Long
Island, and Florida. 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. 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.
Forward Looking Statements
The foregoing contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are not historical facts and include expressions
about management's confidence and strategies and management's
expectations about new and existing programs and products,
acquisitions, relationships, opportunities, taxation, technology,
market conditions and economic expectations. These statements may
be identified by such forward-looking terminology as "should,"
"expect," "believe," "view," "opportunity," "allow," "continues,"
"reflects," "typically," "usually," "anticipate," or similar
statements or variations of such terms. Such forward-looking
statements involve certain risks and uncertainties and Valley's
actual results may differ materially from such forward-looking
statements. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements include, but are not limited to those risk factors
disclosed in Valley's Annual Report on Form 10-K for the year ended
December 31, 2015.
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SOURCE Valley National Bancorp