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VALLEY NATIONAL BANCORP DECLARES 5 FOR 4 COMMON STOCK SPLIT; INCREASES CASH DIVIDEND 10 PERCENT PRIOR TO ANNUAL MEETING OF STOCKHOLDERS

 WAYNE, N.J., March 23 /PRNewswire/ -- The board of directors of Valley National Bancorp (NASDAQ: VNBP) today approved a five for four common stock split just prior to the company's annual meeting.
 The new stock will be issued April 16, 1993 to shareholders of record as of April 16, 1993. Any fractional shares will be paid in cash at the closing bid price of the record date. There will be approximately 23.8 million shares outstanding after the new shares are issued.
 Valley National Bancorp's Chairman and CEO Gerald H. Lipkin, stated that today's split was the second in two years and the sixth in 11 years. He added that the split would emphasize, further, Valley's goal of providing its shareholders ample reward on their investment, in addition to improving the stock's liquidity.
 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 $.80 per share, per annum to $.88 per share, per annum, a 10 percent increase. This represents Valley's third quarterly cash dividend increase in the last year.
 All other items of business received overwhelming support from shareholders, including the election of 16 persons as directors of the corporation for the ensuing year. Gerald H. Lipkin concluded: "In 1992 Valley National Bancorp not only surpassed the $3 billion asset mark and produced record earnings of $41.6 million ($2.18 per share), but once again produced a return on average assets and return on average equity that placed us in the top 3 percent of banks nationwide with assets over $1 billion. In addition Valley expanded its franchise to 53 branches, substantially increased its retail mortgage and automobile lending business and continued its strong commitment to supporting the growth of the communities we serve."
 Valley National Bancorp operates fifty-three branches in Bergen, Essex, Hudson, Morris and Passaic counties.
 -0- 3/23/93
 /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 ST: New Jersey IN: FIN SU: DIV

TS-SB -- NY070 -- 8788 03/23/93 15:35 EST
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Publication:PR Newswire
Date:Mar 23, 1993
Words:364
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