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) - June 18, 2002
VALLEY NATIONAL BANCORP
(Exact Name of Registrant as Specified in Charter)
NEW JERSEY
(State or Other Jurisdiction of Incorporation)
1-11277 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)
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Item 5 - Other Events
On June 18, 2002, Valley National Bancorp issued a press release announcing
it had entered into an agreement for the acquisition of Master Coverage Corp.,
an independent insurance agency. The transaction is subject to the satisfaction
of certain conditions and is expected to close during the third quarter of this
year.
A copy of the press release is attached as Exhibit 99 to this Current
Report on Form 8-K and incorporated by reference herein.
Item 7 - Exhibits
Exhibit 99 Press Release dated June 18, 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 & Controller
(Principal Accounting Officer)
Dated: June 18, 2002
INDEX TO EXHIBITS
Exhibit No. Description
Exhibit 99 Press Release dated June 18, 2002
Exhibit 99
FOR IMMEDIATE RELEASE Contact: Alan Eskow
Executive Vice President & CFO
973-305-4003
VALLEY NATIONAL BANCORP ANNOUNCES AGREEMENT FOR ACQUISITION OF INSURANCE AGENCY
WAYNE, NJ, JUNE 18, 2002 - Valley National Bancorp (NYSE:VLY) ("Valley")
today announced that it had entered into a Purchase Agreement to acquire the
assets of Masters Coverage Corp. ("Masters"), an independent insurance agency.
The purchase of Masters will be a cash acquisition with subsequent earn-out
payments. Under the terms of the agreement, Masters' operation will continue as
a wholly-owned subsidiary of Valley National Bank and their entire management
team and staff will remain with the firm to assure continuity. The transaction
is subject to the satisfaction of certain conditions and is expected to close
during the 3rd quarter of this year.
Masters is located in Spring Valley, New York with an additional office in
Manhattan. Masters is an all line insurance agency offering property and
casualty, life and health insurance. The company has multiple state licenses and
represents most major, as well as, regional insurance carriers.
Mr. Gerald H. Lipkin, Chairman, President and Chief Executive Officer of
Valley, stated, "The Masters acquisition will add to our financial services
division through the purchase of a full service insurance agency. With Masters
and our existing title insurance company, we will offer a full complement of
insurance services. In addition, our asset management companies offer investment
services and products and we believe there is a growth opportunity for all
services among Valley's existing customer base."
Valley National Bancorp is a regional bank holding company headquartered in
Wayne, NJ. Valley National Bank, its principal subsidiary, currently operates
128 offices located in 76 communities serving 10 counties throughout Northern
New Jersey and Manhattan. Valley's web site can be found at
valleynationalbank.com.
The foregoing contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are not
historical facts and include expressions about management's confidence and
strategies and management's expectations about new and existing programs and
products, relationships, opportunities and market conditions. These statements
may be identified by such forward-looking terminology as "expect", "believe", or
similar statements or variations of such terms. Such forward-looking statements
involve certain risks and uncertainties. Actual results may differ materially
from such forward-looking statements. Factors that may cause actual results to
differ materially from those contemplated by such forward-looking statements
include, among others, the following possibilities:
o Competitive pressure in the insurance industry causes unanticipated changes.
o Loss of key managers, employees or major insurance carriers after the
acquisition.
o Loss of major customers or failure to develop new customers.
Valley assumes no responsibility to update such forward-looking statements
in the future.
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