Leon Kally, Senior Vice President & Market President, Valley National Bank

May 2026 — Invest: sat down with Leon Kally, senior vice president and market president of Valley National Bank, to discuss how Jacksonville’s growth and shifting economic conditions are shaping banking strategy. “Our clients are looking for perspectives and advice, not just products,” Kally said.

How has Valley National Bank performed in the Jacksonville market over the past year, and what have been some of its biggest milestones?

Over the past year, much of the significant change, not just in Jacksonville but nationally, has been the normalization of higher interest rates and a more cautious economic environment. That shift has required both banks and clients to be more intentional about capital structure, growth timing, and liquidity management.

For Valley, including here locally, it has reinforced the importance of relationship banking. Our clients are looking for perspectives and advice, not just products. Internally, we have emphasized disciplined growth, strong credit fundamentals, and staying close to our clients’ businesses so we can help them navigate change rather than just react to it. It has not changed our approach, but we have doubled down on our fundamentals.

Locally, Jacksonville’s growth has continued to accelerate in a way few large markets can match. The city was ranked the second hottest job market in the United States in 2024 (Per the World Street Journal) and continues to lead large metros in labor force growth as companies relocate from the Northeast and Midwest to North Florida.

That level of expansion, combined with the higher-rate environment, has fundamentally changed how businesses think about growth. At Valley, we are spending more time helping clients structure capital deliberately, balancing expansion with liquidity and risk management rather than simply funding the next transaction. In fast-growing markets like Jacksonville, strong advisory banking becomes even more critical.

How are you balancing technology investments with maintaining the strong personal relationships that define Valley’s approach?

AI has been a major topic over the past several years. We have focused on positioning Valley to understand and use AI appropriately as a tool to become more efficient, better understand our clients, and identify industry trends.

As part of our goals for 2026 and beyond, Valley has assigned executives AI-related goals, including developing use cases and implementing applications that improve efficiency both internally and externally.

Internally, that includes using AI tools to help generate proposals more quickly and accurately while remaining nimble. Externally, it translates into speed to market with clients. The faster we can make decisions and deliver outcomes, the more efficient the process becomes.

Utilizing AI and technology to support decision-making, including credit analysis, and to enable faster delivery has strengthened our model. It remains a top priority for the bank.

What key trends are you seeing in lending activity today, and where is demand strongest in Jacksonville?

Clients are being far more intentional about leverage and liquidity, which has increased demand for proactive financial planning and scenario analysis. At the same time, expectations around technology continue to rise. Clients want efficient digital tools paired with high-touch service.

In the Jacksonville and broader North Florida market, we continue to see strong in-migration and long-term confidence in the region. Population growth remains a key driver of economic expansion.

We are navigating these trends by investing in people, technology, and local decision-making so we can remain nimble and responsive. Jacksonville’s economy is being driven by logistics, healthcare, financial services, and business services, sectors that are growing faster here than nationally.

This aligns well with Valley Bank’s middle-market and business banking focus, where we support companies as they scale. We are helping clients think through scalability, workforce needs, and operational flexibility as they grow alongside the region.

How are you approaching risk management in such a competitive and fast-changing market?

It goes back to the fundamentals of banking and truly understanding the client. At Valley, we aim to be seen as a partner. Just as a CPA advises on accounting, we want to serve as a trusted advisor on the banking side.

Effective risk management starts with understanding a client’s business and industry, then bringing value-added resources where appropriate. That may include industry insights or information that directly impacts their operations.

Being a true risk management partner means helping clients navigate uncertainty, whether related to rates, costs, or broader economic cycles. Ultimately, it comes down to trust and consistent advisory support.

Where do you see the greatest opportunities for Jacksonville’s growth over the next three to five years?

Opportunities emerge when banks deeply understand the local economy. The industries we discussed, particularly fintech, logistics, and healthcare, present strong growth potential.

First, logistics, manufacturing, and C&I growth are increasingly interconnected in Jacksonville. The city’s position as a major port and transportation hub—supported by continued JAXPORT investment and expanding trade lanes—has made Jacksonville a natural home for manufacturing, distribution, and value-added industrial businesses. We are seeing strong momentum among C&I companies tied to advanced manufacturing, building products, food and beverage, and transportation-related supply chains, all of which benefit from proximity to the port, interstate access, and available industrial land. As reshoring and regionalization trends continue, Jacksonville is well positioned to capture additional manufacturing investment and support long-term job creation

Second, financial services and fintech remain a major differentiator. Jacksonville has quietly become one of the country’s most concentrated banking and payments markets, and initiatives like JAX Hub are pushing the ecosystem from back-office operations toward innovation, product development, and global fintech partnerships. That evolution creates high-quality jobs, attracts outside capital, and supports the growth of founder-led and sponsor-backed businesses across the region

Third, healthcare and life sciences will be a long-term growth engine. With anchor institutions like Mayo Clinic, UF Health, and Baptist MD Anderson expanding their footprint, Jacksonville is benefiting from sustained investment in medical research, outpatient facilities, and medical-device manufacturing. That activity ripples across commercial real estate, professional services, and workforce development, particularly as the region attracts highly skilled talent

Finally, downtown revitalization and infrastructure investment represent an underappreciated upside. Major public-private projects—ranging from riverfront redevelopment to stadium and transit improvements—are reshaping the urban core. When combined with population growth and corporate relocations, these investments create momentum for mixed-use development, small-business formation, and long-term tax base expansion.