Valley Plans To Grow Auto in Florida

Valley National Bank announced on May 8 that it will acquire 1st United Bancorp. Auto lending accounts for almost 30% of Valley’s loan portfolio, Valley CEO Gerald Lipkin said. He also said Valley believes there is significant opportunity to expand and integrate its consumer business line through 1st United’s branch and lending network and thereby grow its auto business in the Sunshine State. Lipkin said that to date, 1st United hadn’t emphasized its auto business. Valley’s footprint is primarily in the northeast, while 1st United has a 21-branch network throughout southeast Florida, central Florida, and central Gulf Coast regions.