Wayne-Based Valley National Bank To Close 13 Branches

Valley National Bankcorp will close 13 of its 224 branches, including 12 in New Jersey, in the second half of the year, the company announced Thursday.

The move will save the company an estimated $4.3 million annually. The offices to be closed were not identified in the bank’s quarterly earnings statement that was released Thursday.

“We will continue to monitor our branch network for additional opportunities to consolidate and ‘right-size’ branches in an effort to optimize our customer service delivery channels,” Valley said in the statement.

The closings come as the company expands its Florida operations. The company will add an additional 16 branches by entering into a merger agreement with CNLBank. This will bring the number of Florida branches to 36.