Valley National Bank has begun selling fixed-rate annuities throughout its branch system in northern New Jersey.

The $3.5 billion-asset bank, a unit of Valley National Bancorp, Wayne, N.J., said it has chosen three insurance companies to provide the tax-exempt investment products.

They are Old Line Life Insurance Co. of America, Milwaukee; Hartford Life Insurance Co., Hartford, Conn.; and American Enterprise Life, New York.

Robert J. Mulligan, first senior vice president of Valley National, said the products carry' no sales charges or annual fees and will have flexible options for systematic withdrawals.

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