Valley National Bancorp, Wayne-based parent of Valley National Bank, is selling 29 properties and eliminating 60 corporate jobs as cost-cutting measures, it announced Wednesday.
The bank has reached a sale-leaseback agreement for the 28 branches and one corporate location, which will bring in about $107 million, it said in a news release. The deal, expected to close in the first or second quarter, should net the bank about $81 million, it said.
The job cuts should provide the bank with more than $5 million in annual savings, with most of the cuts coming by the end of the second quarter.
“The properties identified in this transaction fit within Valley’s long-term strategic plan and the previously announced branch transformation,” Chief Financial Officer Alan Eskow said in a prepared statement. “Furthermore, this transaction provides flexibility and allows us to realize value within the balance sheet and enhance earning assets over time.”
Valley has more than 220 branches in New Jersey and three other states.