Valley National Bancorp Acquires Dudley Ventures and its Affiliates
October 13 2021 - 8:30AM
Valley National Bancorp (“Valley”) (NASDAQ:VLY) announced today
that it is has acquired Arizona-based Dudley Ventures, an advisory
firm specializing in the investment and management of tax credits.
Over its greater than 20-year history, Dudley Ventures and its
affiliates have invested over $2 billion in tax credit
transactions, leading to deep community impact. The transaction
includes the acquisition of Dudley Ventures’ entities DV Community
Investment, DV Fund Advisors and Dudley Ventures Advisory Services.
“We’re excited to partner with Dudley Ventures and support their
mission of renewing and revitalizing economically distressed
communities nationwide,” remarked Valley Chairman, CEO and
President, Ira Robbins. “Aligning Dudley Ventures’ expertise in tax
credit investment strategies with Valley’s industry-leading
commercial real estate line of business and Valley’s “Outstanding”
Community Reinvestment Act rating, will have a significant impact
on our ability to build stronger communities across the
country.”
Dudley Ventures provides advisory, structuring, syndication, and
placement of federal and state tax credit funds. Additionally, the
highly knowledgeable staff is equipped to provide all supportive
services, including financial reporting and asset management
requirements.
Through their Community Development Entity (CDE), DV Community
Investment has been awarded more than $500 million in New Markets
Tax Credit (NMTC) allocations from the CDFI fund over the past 10
years.
“We are thrilled to join Valley as we broaden the reach of
serving communities through highly impactful tax credit
investments. Valley’s expertise in commercial lending combined with
its embedded service culture makes Valley a natural partner,” said
Dudley Ventures President and Founder, Jim Howard.
About ValleyAs the principal subsidiary of
Valley National Bancorp, Valley National Bank is a regional bank
with approximately $41 billion in assets. Valley is committed to
giving people and businesses the power to succeed. Valley operates
many convenient branch locations across New Jersey, New York,
Florida and Alabama, and is committed to providing the most
convenient service, the latest innovations and an experienced and
knowledgeable team dedicated to meeting customer needs. Helping
communities grow and prosper is the heart of Valley’s corporate
citizenship philosophy. To learn more about Valley, go to
www.valley.com or call our Customer Care Center at
800-522-4100.
Contact:Valley National
BancorpRick KraemerExecutive Vice
President973-686-4817
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