Short Tales: N.J. Bank in Deal For Money Manager

Valley National Bancorp said Wednesday that it is buying New Century Asset Management Co., a money manager in Cedar Knolls, N.J.

The Wayne, N.J.-based bank plans to combine its trust department, which manages $600 million of assets, with New Century's $120 million. Investment product sales would be part of the combined unit. Terms of the deal, expected to close July 30, were not disclosed.