Free food through Valley National Bank/ShopRite co-branded supermarket credit card.

WAYNE, NJ--(BUSINESS WIRE)--May 28, 1996--Gerald H. Lipkin, chairman, president and chief executive officer of Valley National Bank, and Dean Janeway, president of Wakefern Food Corporation, today jointly announced the introduction of the ShopRite MasterCard, the first co-branded supermarket credit card offered in this area. The new ShopRite MasterCard, which will be issued by Valley National Bank, is available to consumers who shop at ShopRite supermarkets located in New Jersey, New York, Pennsylvania, Delaware and Connecticut.

"Unlike any other co-branded credit card programs offered to date, the multi-purpose ShopRite MasterCard provides more than the standard credit card features," stated Mr. Janeway. "The ShopRite MasterCard incorporates the features of three cards in one. Cardholders can also use this card to get Price Plus instant discounts on weekly ShopRite specials and for check cashing privileges, regardless of how the consumer pays for his or her purchases," Mr. Janeway continued.

The ShopRite MasterCard has universal appeal because cardholders can use it to get free food. When paying with the card, cardholders earn a 2% rebate on most ShopRite supermarket purchases, and a 1% rebate on purchases at all other locations. Rebates are distributed in the form of ShopRite Reward Certificates. These certificates are valid at ShopRite supermarkets and pharmacies for free food and merchandise.

Standard and Gold MasterCard cards will be issued. Some of the other key benefits of the ShopRite MasterCard account are: no annual fee, an interest-free payment option on ShopRite purchases, a 9.9% annual percentage rate (APR) on transferred balances guaranteed for two years following the account opening date, a 7.9% introductory APR on all purchases for six months following the account opening date, and a $5 Bonus Reward Certificate for making the first purchase.

"We are very excited about our new long-term partnership with Wakefern, the largest supermarket cooperative and distributor in the Northeast, and ShopRite, one of the leading supermarkets in the region," stated Mr. Lipkin. "Our co- branding credit card strategy provides a method to significantly increase the bank's credit card base and employment opportunities with our institution. This is an investment in the type of venture which we feel will enable Valley to continue to grow over the long-term as an independent company."

Valley National Bank, principal subsidiary of Valley National Bancorp (NYSE:VLY), has 80 offices serving 10 counties throughout northern New Jersey.

CONTACT: Ilene D. Manahan,

The Marcus Group,

(201) 902- 9000

or

John Harris,

Valley National Bank,

[phone],

or

Bill Crombie,

Wakefern Food Corp.,

[phone].