Valley National Bancorp Board of Directors Declares A 5 Percent Stock Dividend and Increases Cash Dividend

Apr 04, 2001, 01:00 ET from Valley National Bancorp

    WAYNE, N.J., April 4 /PRNewswire/ -- Valley National Bancorp (NYSE:   VLY)
 today reported that the Board of Directors approved a 5 percent stock dividend
 payable May 18, 2001, to shareholders of record on May 4, 2001.
     (Logo: http://www.newscom.com/cgi-bin/prnh/19990930/VLYLOGO )
     Gerald H. Lipkin, Chairman, President and Chief Executive Officer of
 Valley National Bancorp said, "In conjunction with the stock dividend,
 Valley's Board has agreed to increase its regular annual dividend rate from
 $0.99 per share on an after split basis to $1.06 per share.  This represents
 an increase of 7.0 percent after adjusting for the effect of the stock
 dividend and increased cash dividend."
     The next quarterly cash dividend is due to be paid on July 2, 2001.
     Valley's annual dividend rate has increased on a restated basis 1,225
 percent from $0.08 per share in 1978.  Mr. Lipkin noted that, "We have never
 reduced the regular cash dividend in the 74 year history of the bank.  In
 fact, the dividend has increased 32 times in the last 33 years."
 
     Valley National Bancorp is a regional bank holding company with $8.0
 billion in assets, headquartered in Wayne, New Jersey.  Its principal
 subsidiary, Valley National Bank, currently operates 125 branch offices
 located in 78 communities serving 10 counties in northern New Jersey and
 Manhattan.  Valley's web site can be found at
 http://www.valleynationalbank.com.
 
 

SOURCE Valley National Bancorp
    WAYNE, N.J., April 4 /PRNewswire/ -- Valley National Bancorp (NYSE:   VLY)
 today reported that the Board of Directors approved a 5 percent stock dividend
 payable May 18, 2001, to shareholders of record on May 4, 2001.
     (Logo: http://www.newscom.com/cgi-bin/prnh/19990930/VLYLOGO )
     Gerald H. Lipkin, Chairman, President and Chief Executive Officer of
 Valley National Bancorp said, "In conjunction with the stock dividend,
 Valley's Board has agreed to increase its regular annual dividend rate from
 $0.99 per share on an after split basis to $1.06 per share.  This represents
 an increase of 7.0 percent after adjusting for the effect of the stock
 dividend and increased cash dividend."
     The next quarterly cash dividend is due to be paid on July 2, 2001.
     Valley's annual dividend rate has increased on a restated basis 1,225
 percent from $0.08 per share in 1978.  Mr. Lipkin noted that, "We have never
 reduced the regular cash dividend in the 74 year history of the bank.  In
 fact, the dividend has increased 32 times in the last 33 years."
 
     Valley National Bancorp is a regional bank holding company with $8.0
 billion in assets, headquartered in Wayne, New Jersey.  Its principal
 subsidiary, Valley National Bank, currently operates 125 branch offices
 located in 78 communities serving 10 counties in northern New Jersey and
 Manhattan.  Valley's web site can be found at
 http://www.valleynationalbank.com.
 
 SOURCE  Valley National Bancorp