Valley Bank invests more than $3B in support of its communities in 2023

Valley Bank on Tuesday released its 2023 Corporate Social Responsibility Report, “Building a Better Future,” which highlighted its commitment to drive meaningful change through social, economic and environmental initiatives.

According to the report, the Morristown-based financial institution invested more than $3 billion to support organizations and communities in New Jersey, New York, Florida, Alabama, California and Illinois last year.

Report highlights include:

  • $1.21 billion in community development loans to advance affordable housing and community services to low-to-moderate income individuals, economic and community development, and revitalization and stabilization;
  • $887 million in multifamily and residential mortgage loans to support affordable housing in LMI areas and for LMI individuals;
  • $547 million in community development investments supporting LMI neighborhoods, individuals and businesses;
  • $418 million in loans to support small businesses and/or in underserved neighborhoods; and
  • $4.9 million-plus in total charitable giving last year to support nonprofit organizations.

Valley is dedicated to the communities it serves by supporting and strengthening them through economic inclusion, workforce and community development, investment in local nonprofits, environmental stewardship and an intentional commitment to its local partners.

The report focuses on Valley’s four pillars of CSR: promoting affordable housing; inspiring innovation and entrepreneurship; stimulating economic and community development; and driving impactful, local leadership.

“We have strategically invested in initiatives aimed at deepening our impact within the community, particularly in the realm of financial capacity building,” said Bernadette Mueller, executive vice president and chief corporate social responsibility – CRA officer. “We are focused and purposeful about our approach to create positive community impact. From empowering small businesses to fostering financial education and supporting vital community organizations, together, we are building stronger, more resilient communities.”

Additionally, Valley encourages its employees and supports their efforts to give back to their communities. In 2023, it launched the Workplace Giving program, which doubles the impact of its associates’ donations to their favorite nonprofit organizations through a matching donation. Through the bank’s Valley Cares program, Valley employees volunteered more than 13,500 service hours to support community partners and programs in the regions it serves.