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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.