Valley National Bancorp recently released its 2021 Corporate Social Responsibility Report, which highlights the bank’s commitment to helping build stronger communities and to advance its mission to raise awareness of community and social impact.
In 2021, Valley invested more than $3 billion to support communities and organizations in New Jersey, New York, Florida and Alabama.
Valley, which is dedicated to playing a part in the continued progression of the areas it serves, said the report highlights its ongoing commitment to serving low-to-moderate income neighborhoods and individuals. This includes $468 million in community development loans to advance affordable housing and community services to LMI individuals, economic and community development, and revitalization and stabilization. To further support underserved neighborhoods and areas, $337 million in multifamily loans were provided and over 6,100 loans were made to small businesses. The bank also supported nonprofit organizations with nearly $3.7 million in total charitable giving last year.
Valley focuses on its four CSR pillars, which include promoting affordable homes, inspiring innovation and entrepreneurship, stimulating economic and community development, and living its commitment to impactful local leadership.
Throughout 2021, Valley’s Environmental Social Governance Council continued to develop a strategy for achieving business objectives while remaining socially responsible.
The bank has implemented a sustainable lending program for hybrid and electric vehicle financing and provides loans that support renewable resources and energy efficient buildings. Valley released its first annual ESG Report in December 2021, which highlights plans, progress and impact.
“Valley’s commitment to our communities remains a priority, and we continue to explore and adopt new initiatives and partnerships,” Bernadette Mueller, executive vice president and chief CSR-CRA officer, stated. “Supporting those in need defines our purpose and, while these past two years have been challenging for so many, we are pleased to collaborate with community-based organizations to help those who need it most.”
To view the full report, click here.