Valley National Bank Ranked 8th Best Performing Home Equity Portfolio by SNL Financial (PR Newswire)

WAYNE, N.J., July 22 /PRNewswire-FirstCall/ -- Valley National Bancorp (NYSE: VLY - News ; "Valley"), the holding company for Valley National Bank, announced that SNL Financial ranked Valley's home equity loan portfolio the 8th best-performing portfolio among publicly traded banks and thrifts with more than $100 million in home equity lines of credit on their books during the twelve months ended March 31, 2008 based on a combination of low delinquency rates and net charge-offs. At June 30, 2008, Valley's $538 million home equity portfolio consisting of over 14,200 loans continued to perform well, with only 11 loans past due 30 days or more. These delinquent loans totaled $727 thousand or 0.14 percent of the total home equity portfolio at June 30, 2008 as compared to $1.1 million or 0.21 percent of the portfolio at March 31,... [read full story]