Goal of CD is to contribute up to $2.5 million to support relief efforts
Wayne, NJ, April 9, 2020 – To assist communities dealing with the challenging economic environment created by the COVID-19 pandemic, Valley Bank is donating $200,000 to 14 food banks in New York, New Jersey, Florida and Alabama which will provide two million meals to those in need.
Valley is also offering a new online 12-month “Community Recovery” Certificate of Deposit (CD). With this product, Valley will donate in grants to local businesses a match of over 40% of the interest customers receive from this CD. The goal is to contribute up to $2.5 million to those most affected by COVID-19.
For the safety of the Bank’s staff and its customers, the CD is available online only, with a rate of 1.15 APY (Annual Percentage Yield), a $200 minimum deposit and a $1 million maximum deposit requirement.
“We understand that our customers are facing an unprecedented crisis,” said Ira Robbins, President and CEO. “At times like these, our local communities need our support and these two programs are Valley’s initial steps to provide immediate assistance. We will continue to work with our community partners and develop additional ways to provide further assistance over the coming weeks and months.”
The Food Banks being supported are:
- Community FoodBank of New Jersey, Center for Food Action, CUMAC and Jersey Cares
- City Harvest, Food Bank for NYC, Long Island Cares, Inc., and Island Harvest
- Montgomery Area Food Bank, Central Alabama Food Bank, Food Bank of East Alabama
- Feeding Tampa Bay, Feeding South Florida and Second Harvest Food Bank of Central Florida.
"Ever a steadfast supporter of CFBNJ's mission, Valley Bank's generosity has, in the past, provided second chances through our Food Service Training Academy, and now it allows us to pivot in real-time as we work to meet the surge in need during the COVID-19 crisis," said Carlos Rodriguez, President & CEO of the Community FoodBank of New Jersey. "As we work around the clock to help those affected by the worsening economic impacts of the virus, we could not do what we do without the commitment of partners like Valley Bank."
“The COVID pandemic is an extraordinary time in our lives, and moments like these place far too many in risk of missing the most basic of all needs – a good, healthy meal,” said Thomas Mantz, President and CEO, Feeding Tampa Bay. “Valley Bank’s commitment to Feeding Tampa Bay will allow us to meet the needs of so many who would otherwise not know where to turn for a meal. In difficult times we all need great partners, and we are grateful that Valley Bank is standing alongside us.”
12-Month Community Recovery Online CD: Minimum balance of $200 is required to open and earn the 1.15% Annual Percentage Yield (APY) which is effective and accurate as of 4/1/2020. Maximum deposit of $1,000,000. A penalty may be imposed for early withdrawal. Fees could reduce earnings on the account. All offers may be withdrawn or modified without prior notice and rates are subject to change.
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $38 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley's corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.