SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                  Pursuant to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported) May 23, 2000

                            VALLEY NATIONAL BANCORP

             (Exact name of registrant as specified in its charter)

                                   New Jersey

                  (State of other jurisdiction of incorporation)

                                0-11179 22-2477875
           (Commission File Number) (IRS Employer Identification No.)

                                  1455 Valley Road
                               Wayne, New Jersey 07470

                        (Address of principal executive offices)

                                    (973) 305-8800

                (Registrant's telephone number, including area code)




Item 5.           Other Events

                  On May 23, 2000,  Valley National Bancorp  ("Valley")  issued
a press release  announcing that the Board of Directors had authorized the
purchase of up to 3,000,000  shares of the company's outstanding  common stock.
Purchases may be made from time to time in the open market or in privately
negotiated  transactions at prices not exceeding  prevailing  market rates.
Reacquired shares will be held in treasury and are expected to be used for
employee benefit programs, stock dividends and other corporate purposes.


Item 7.           Exhibits

Exhibit 99        Press Release dated May 23, 2000




INDEX TO EXHIBITS

Exhibit No.                                Description

99       Press release dated May 23, 2000

Item 7                                     Exhibit 99
                                           Press release dated May 23, 2000

Valley National Bancorp
1455 Valley Road
Wayne, NJ  07470

Contact:
Alan D. Eskow
Senior Vice President and Controller
(973) 305-4003

            VALLEY NATIONAL BANCORP'S BOARD OF DIRECTORS AUTHORIZES THE
                      REPURCHESE OF UP TO 3,000,000 SHARES

Wayne, New Jersey, May 23, 2000 - Valley National Bancorp  (NYSE:VLY) announced
that its Board of Directors has authorized the company to purchase up to
3,000,000  shares of the  company's  outstanding  common  stock.  Purchases may
be made from time to time in the open market or in privately negotiated
transactions at prices not exceeding prevailing market rates.

This is in addition to the 3,000,000  shares  authorized by the Board of
Directors in December  1999, of which Valley has purchased 2.9 million shares.
Valley will complete the initial share repurchase program prior to commencing
with the new share repurchase program.

Valley  currently has 60.6 million common shares  outstanding.  Reacquired
shares will be held in treasury and are expected to be used for employee benefit
programs, stock dividends and other corporate purposes.




                                      SIGNATURES

    Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                         VALLEY NATIONAL BANCORP


Dated:     May 31, 2000               By:  /s/ Alan D. Eskow
                                          Alan D. Eskow
                                          Principal Accounting Officer
                                          and Corporate Secretary