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."