Item 2. Properties
Item 2. Properties
We conduct our business at 230 retail banking center 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 60 40 100 43.5 %
Central 8 19 27 11.7
Total New Jersey 68 59 127 55.2
New York
Manhattan, Brooklyn and Queens 15 7 22 9.6
Long Island 9 3 12 5.2
Westchester County 6 — 6 2.6
Staten Island 1 — 1 0.4
Total New York 31 10 41 17.8
Florida 26 16 42 18.3
Alabama 4 12 16 7.0
California 3 — 3 1.3
Illinois 1 — 1 0.4
Total 133 97 230 100.0 %
Our principal executive office is located at One Penn Plaza in New York, New York. Our corporate offices in New York City serve as the central hub for lending activities conducted by our senior executives and other commercial lenders. We also maintain two leased offices in New York City, primarily dedicated to commercial lending operations and to supporting our broker-dealer, VFM. Additionally, we lease several non-bank office facilities which are utilized for operational, executive, and lending activities.
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.
2025 Form 10-K
38
Additional information regarding Valley’s leased locations and owned facilities can be found within Note 5 . “Leases” and Note 6 . “Premises and Equipment, Net,” respectively, in the Notes to the Consolidated Financial Statements contained in Item 8. Financial Statements and Supplementary Data.
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.