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VALLEY NATIONAL BANCORP COMPLETES MERGER WITH PEOPLES BANCORP

 WAYNE, N.J., June 18 /PRNewswire/ -- Gerald H. Lipkin, chairman and chief executive officer of Valley National Bancorp (NASDAQ: VNBP), announced today the completion of the previously announced merger with Peoples Bancorp, based in Fairfield, N.J.
 As a result of the merger Peoples shareholders received approximately .64 shares of Valley stock for each share of Peoples common stock they own, which translates into 421,500 shares of Valley stock or $10,960,000. Peoples has approximately 661,000 common share equivalents outstanding.
 In commenting on the merger Mr. Lipkin said, "Valley National continues to add attractive communities to its growing branch system in Northern New Jersey. Peoples represents a perfect fit with our current banking operations in the region." The $223 million asset Peoples Bancorp, has six additional branches -- three in Belleville, two in Bloomfield and one in Caldwell.
 The merger increases Valley National's total assets to approximately $3.5 billion, and its branch total to 60.
 Valley operates 60 branches in 37 communities in Bergen, Essex, Hudson, Morris and Passaic counties.
 -0- 6/18/93
 /CONTACT: Gerald H. Lipkin of Valley National Bancorp, 201-305-4001, or Edmund R. Belak, Jr. of Georgeson & Co., 212-440-9801, for Valley National Bancorp/
 (VNBP)


CO: Valley National Bancorp; Peoples Bancorp ST: New Jersey IN: FIN SU: TNM

PS-MP -- NY031 -- 3562 06/18/93 12:19 EDT
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Publication:PR Newswire
Date:Jun 18, 1993
Words:222
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