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) - March 18, 2002


                             VALLEY NATIONAL BANCORP
               (Exact Name of Registrant as Specified in Charter)


                                   NEW JERSEY
                 (State or Other Jurisdiction of Incorporation)


                                1-11277 22-247875
           (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)



Item 5 - Other Events

     On March 15, 2002 Valley  National  Bancorp  announced  that it had entered
into an agreement to sell its subsidiary,  a Canadian finance company,  to State
Farm Mutual Automobile  Insurance Company for a purchase price equal to Valley's
equity in the  subsidiary  plus a premium of  approximately  $2.7  million.  The
subsidiary  primarily  originates  fixed  rate auto  loans in  Canada  through a
marketing  program with State Farm. The subsidiary had approximately $30 million
(US) in assets at December 31, 2001. Either party, under certain  circumstances,
may terminate the  agreement.  The  transaction  is expected to close during the
second  quarter  of 2002.  Valley  National  Bank ran a  similar  loan-marketing
program with State Farm in the United States, which terminated during 2001.

 Item 7 - Exhibits

99.1     Press Release dated March 15, 2002.



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                                   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



                                      By: /s/ Christine K. Mozer-Baldyga
                                          Christine K. Mozer-Baldyga
                                          First Vice President and Controller
                                         (Principal Accounting Officer)

Dated:  March 18, 2002


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                                  EXHIBIT INDEX


99.1     Press Release dated March 15, 2002.

                                                                Exhibit 99.1



FOR IMMEDIATE RELEASE               Contact:Alan D. Eskow
                                    Executive Vice President & CFO
                                    973-305-4003


               VALLEY NATIONAL BANCORP ANNOUNCES AGREEMENT TO SELL
                     CANADIAN FINANCE COMPANY TO STATE FARM

     Wayne,  NJ,  March 15, 2002 -- Valley  National  Bancorp  (NYSE:VLY)  today
announced  that it had  entered  into an  agreement  to sell its  subsidiary,  a
Canadian finance company, to State Farm Mutual Automobile  Insurance Company for
a purchase price equal to Valley's  equity in the  subsidiary  plus a premium of
approximately $2.7 million.  The subsidiary primarily originates fixed rate auto
loans in Canada through a marketing  program with State Farm. The subsidiary had
approximately  $30 million (US) in assets at December 31,  2001.

     Either party, under certain circumstances, may terminate the agreement. The
transaction  is  expected  to close  during the second  quarter of 2002.  Valley
National Bank ran a similar loan-marketing program with State Farm in the United
States, which terminated during 2001.

     Valley  National  Bancorp  is a regional  bank  holding  company  with $8.6
billion in assets headquartered in Wayne, New Jersey. Its principal  subsidiary,
Valley  National  Bank,  including  its  Merchants  Bank of New  York  Division,
currently  operates 126 offices  located in 80  communities  serving 10 counties
throughout northern New Jersey and Manhattan.