Item 2. Properties
Item 2. Properties
We conduct our business at 229 retail banking centers locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Westchester County, New York, Florida, Alabama, California and Illinois. We own 96 of our banking center facilities and several non-branch operating facilities. The other properties are leased for various terms. Valley considers its properties to be suitable and adequate for its current business needs .
The following table summarizes our leased and owned retail banking centers in each state:
Leased Owned Number of banking centers % of Total
New Jersey
Northern 56 45 101 44.1
Central 13 14 27 11.8
Total New Jersey 69 59 128 55.9
New York
Manhattan, Brooklyn and Queens 15 7 22 9.6
Long Island 9 3 12 5.2
Westchester County 7 0 7 3.1
Total New York 31 10 41 17.9
Florida 26 15 41 17.9
Alabama 4 12 16 7.0
California 2 — 2 0.9
Illinois 1 — 1 0.4
Total 133 96 229 100.0 %
Our principal executive office is located at One Penn Plaza in New York, New York. Our New York City corporate offices are primarily used as a central hub for New York based lending activities of senior executives and other commercial lenders. During the third quarter 2023, Valley completed the sale of two corporate office buildings located in Wayne, New Jersey and relocated its headquarters to a new leased location at 70 Speedwell Avenue in Morristown, New Jersey.
During 2022 we acquired two leased offices in New York City from Bank Leumi USA that are primarily used for commercial lending and our broker-dealer, VFM. We also lease seven non-bank office facilities in Florida, used for operational, executive and lending purposes.
Additional information regarding Valley’s leased locations and owned facilities can be found within Note 6 . “Leases” and Note 7 . “Premises and Equipment, Net,” respectively, in the Notes to the Consolidated Financial Statements contained in Item 8. Financial Statements and Supplementary Data.
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2023 Form 10-K
Item 3. Legal Proceedings
In the normal course of business, we are a party to various outstanding legal proceedings and claims. In the opinion of management, our financial condition, results of operations, and liquidity should not be materially affected by the outcome of such legal proceedings and claims.
Item 4. Mine and Safety Disclosures
Not applicable.
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.