New Jersey-based Valley Bank recently expanded its relationship-focused commercial banking operations into the Phoenix market.
Valley’s tax credit advisory affiliate, Dudley Ventures, is based in Phoenix and Valley’s new location will be alongside Dudley Ventures.
The expansion further strengthened Valley’s presence in one of the fastest-growing markets in the United States. Valley now operates in six of the 10 largest U.S. Metropolitan Statistical Areas based on population.
“Our expansion into Arizona is a meaningful milestone for Valley and a natural extension of our commercial banking strategy,” Gino Martocci, Valley commercial banking president, said. “Arizona is one of the fastest growing and most capital-intensive economies in the nation. With population growth exceeding the U.S. average, more than $30 billion in annual business investment, and over $165 billion committed to advanced manufacturing alone, the state is attracting companies that are scaling rapidly and investing for the long term.”
Heath Scheid will serve as regional president and lead a commercial banking team that will focus primarily on commercial and industrial banking. Scheid has more than two decades of commercial banking leadership experience in the Phoenix market.
Valley National Bank is the principal subsidiary of Valley National Bancorp. It has more than 200 offices and serves clients in Alabama, Arizona, California, Florida, Illinois, New Jersey, New York and Pennsylvania.