Longtime Valley National Bancorp CEO Gerald Lipkin, who constructed the one-time New Jersey neighborhood bank right into a regional establishment with greater than $23 billion of property, handed away Wednesday at age 84.
Gerald Lipkin, who spent practically three many years as CEO of Valley National Bancorp in New Jersey, presiding over its growth right into a regional establishment with greater than $23 billion of property, handed away Wednesday. He was 84.
In an announcement Thursday, Valley Chairman and CEO Ira Robbins stated Lipkin’s “management and imaginative and prescient” formed the corporate “for greater than 4 many years.”
“Gerry was greater than a CEO. He was a mentor, a good friend and the center of our group for a few years,” Robbins stated. Lipkin joined what was then often known as the Bank of Passaic and Clifton in 1975. The following yr, the corporate merged with the Bank of Wayne and rebranded as Valley National Bank.
When Lipkin was appointed CEO in 1989, he succeeded one other legendary banker, Samuel Riskin, who served for 35 years as CEO. At the time, Wayne, New Jersey-based Valley had eight branches and fewer than $1.9 billion of property. By the time Lipkin retired, Valley had greater than 200 branches in New Jersey, New York, Florida and Alabama.
Born in Passaic, New Jersey, Lipkin attended Rutgers University. He joined the Office of the Comptroller of the Currency after graduating in 1963.
Lipkin earned an MBA from New York University in 1966. He graduated from the American Bankers Association’s Stonier School of Banking in 1972. The OCC promoted him to deputy regional administrator previous to his transfer to the Bank of Passaic and Clifton.
Valley was an energetic acquirer beneath Lipkin’s management, finishing 16 whole-bank offers between 1990 and Jan. 1, 2018.
Lipkin’s ultimate two offers — the acquisitions of 1st United Bancorp in Clearwater, Florida, and USAmeriBancorp in Clearwater, Florida — started Valley’s growth exterior its unique New Jersey-New York footprint. The USAmeriBancorp deal gave Valley a presence in three Alabama cities.
Valley was recognized beneath Lipkin for its strong asset high quality. Throughout his tenure, the bank completed most years with web charge-offs at or under 10 foundation factors of complete loans.
At the identical time, Lipkin acted as Valley’s number-one pitchman, showing in commercials to advertise the bank’s mortgage merchandise.
“His ardour for this firm and the individuals in it was unmatched and his strategy to banking stays on the coronary heart of Valley’s tradition as we speak,” Robbins stated of Lipkin. “He led with integrity, anticipated one of the best from these round him and by no means wavered in his dedication to doing the fitting factor. Gerry’s legacy lives on within the tradition he helped create and the numerous lives he touched.”
“He labored [at Valley] greater than 40 years and liked every little thing he did,’ Lipkin’s son Jeffrey stated Friday at a memorial service, including that “like it or go away it” was one of his father’s guidelines for fulfillment.
Michael Affuso, chairman and CEO of the New Jersey Bankers Association, described Lipkin’s profession, from humble beginnings in Passaic to main a regional bank, as “inspiring.”
“We misplaced a titan,” Affuso instructed American Banker on Friday. Beyond his skilled accomplishments, Lipkin was “such an honest man,” Affuso stated. “I liked him. I used to be so unhappy once I heard the information.”
During his profession, Lipkin served as chairman of the New Jersey Bankers Association and sat on the board of the Federal Home Loan Bank of New York. He remained near Rutgers and acquired the college’s distinguished alumni award in 2006.
Lipkin married his spouse Linda in 1964. The couple had two kids and 5 grandchildren.
