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VALLEY NATIONAL BANCORP DECLARES 3 FOR 2 COMMON STOCK SPLIT; INCREASES CASH DIVIDEND 5.9 PERCENT

 VALLEY NATIONAL BANCORP DECLARES 3 FOR 2 COMMON STOCK SPLIT;
 INCREASES CASH DIVIDEND 5.9 PERCENT
 WAYNE, N.J., March 24 /PRNewswire/ -- The board of directors of Valley National Bancorp (NASDAQ: VNBP), the holding company for Valley National Bank and Mayflower Savings Bank, today approved a three for two common stock split just prior to the company's annual meeting.
 The new stock will be issued April 24, 1992 to shareholders of record as of April 13, 1992. Any fractional shares will be paid in cash at the closing bid price of the record date. There will be approximately 19 million shares outstanding after the new shares are issued.
 Valley National Bancorp's Chairman and CEO Gerry H. Lipkin stated that today's split was the fifth within the last 10 years and should further Valley's goal of providing its shareholders ample reward on their investment, in addition to improving the stock's liquidity. Lipkin also stated that 100 shares of Valley National stock purchased in 1982 would equal 1,350 shares after today's split.
 In conjunction with the announced split, the board of directors also approved an increase in the regular quarterly cash dividend which, on an adjusted basis, goes from 22.6 cents to 24.0 cents per quarter, a 5.9 percent increase.
 Valley National Bancorp is a regional bank holding company, whose principal subsidiaries Valley National Bank and Mayflower Savings Bank operate a total of 51 offices in Passaic, Bergen, Essex, Hudson and Morris counties in New Jersey.
 -0- 3/24/92
 /NOTE: Valley National Bancorp (NASDAQ: VNBP) has no relationship with Valley National Corporation (NASDAQ: VNCP) of Phoenix, Arizona, or any other company of a similar name./
 /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 ST: New Jersey IN: FIN SU: DIV


KD-KW -- NY058 -- 1252 03/24/92 16:45 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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