The chief operating officer of Valley National Bancorp in Wayne, N.J., will step down next month.
Peter Crocitto, 58, is scheduled to retire on Feb. 28, the $22 billion-asset company said in a press release Wednesday. He plans to provide Valley with consulting services after he steps down. He joined the company in 1996.
Valley National has no plans to fill the position at this time, a company spokesman said.
Crocitto's "steady hand through a number of business cycles and his commitment to a strong systems and control culture has helped deliver sustainable shareholder value," Gerald Lipkin, Valley's chairman and CEO, said in the release.
Valley has 209 branches in New Jersey, New York and Florida.
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Corrected January 5, 2017 at 9:14AM: The headline and lead of an earlier version of this story said Valley National had started a search for Crocitto's successor. Valley National has no plans to fill the COO position, a company spokesman said.