The acquisition will have a positive impact on local communities by pairing a team of seasoned experts in tax credit investment advisory services
Valley National Bancorp (“Valley”) (NASDAQ:VLY) announced today that it is has acquired Arizona-based Dudley Ventures, an advisory firm specializing in the investment and management of tax credits. Over its greater than 20-year history, Dudley Ventures and its affiliates have invested over $2 billion in tax credit transactions, leading to deep community impact. The transaction includes the acquisition of Dudley Ventures’ entities DV Community Investment, DV Fund Advisors and Dudley Ventures Advisory Services.
“We’re excited to partner with Dudley Ventures and support their mission of renewing and revitalizing economically distressed communities nationwide,” remarked Valley Chairman, CEO and President, Ira Robbins. “Aligning Dudley Ventures’ expertise in tax credit investment strategies with Valley’s industry-leading commercial real estate line of business and Valley’s “Outstanding” Community Reinvestment Act rating, will have a significant impact on our ability to build stronger communities across the country.”
Dudley Ventures provides advisory, structuring, syndication, and placement of federal and state tax credit funds. Additionally, the highly knowledgeable staff is equipped to provide all supportive services, including financial reporting and asset management requirements.
Through their Community Development Entity (CDE), DV Community Investment has been awarded more than $500 million in New Markets Tax Credit (NMTC) allocations from the CDFI fund over the past 10 years.
“We are thrilled to join Valley as we broaden the reach of serving communities through highly impactful tax credit investments. Valley’s expertise in commercial lending combined with its embedded service culture makes Valley a natural partner,” said Dudley Ventures President and Founder, Jim Howard.
Source: Company Press Release