A new service from Valley National Bank is designed to work with businesses to help them meet short-term liquidity needs.
On Nov. 16, the wholly-owned subsidiary of Valley National Bancorp unveiled its National Deposits Group, which the financial institution said will focus on core deposit banking relationships in the continental U.S. and in select foreign territories.
According to the bank, the group specializes in sourcing deposits across select industries, including 1031 exchange firms, attorney banking, escrow servicing, family offices, hedge funds, investment banks, private equity firms, property managers, title companies and venture capital firms.
“Through the National Deposits Group, Valley is creating and delivering innovative banking solutions for industries that require flexibility and best-in-class customer service,” said Executive Vice President and Chief Banking Officer Tom Iadanza in a statement. “Our experienced team leverages state-of-the-art technology to businesses that require short-term liquid cash management.”
The National Deposits Group is headed by Martin Ball, who joined the Wayne-based institution from Bank OZK where he served as executive vice president and managing director of institutional banking.
“We came to Valley to launch the National Deposits Group as its relationship banking philosophy aligns well with our commitment to strong client service,” Ball said in a statement.
Rounding out the National Deposits team is Business Development Officer Glenn Carballo, who sources new relationships and partnerships for the Group, and Gail Balmaceda and Christian Sanchez who joined the bank as relationship managers to handle day-to-day relationship management and clients’ treasury management needs.
With branches in New Jersey, New York, Florida and Alabama, Valley has approximately $41 billion in assets. In September, the bank announced plans to acquire Bank Leumi in a $1.1 billion deal.