Valley National Bancorp in Wayne, N.J., became the first banking company to make a partial repayment of Treasury Department funds, slicing the government's investment by a quarter Wednesday.

Gerald H. Lipkin, the $14.4 billion-asset Valley National's chairman, president and chief executive officer, said in an interview that it could get by just fine if it returned all the $300 million it received under the Troubled Asset Relief Program, though it wanted to be cautious.

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