SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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)
April 2, 1996
VALLEY NATIONAL BANCORP
(Exact name of registrant as specified in its charter)
New Jersey
(State or 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)
(201) 305-8800
(Registrant's telephone number, including area code)
Item 5. Other Events.
On April 2, 1996, the Board of Directors of Valley National Bancorp
("Valley") approved a 5% stock dividend. The new stock will be
issued May 17, 1996 to shareholders of record as of April 26, 1996.
Any fractional shares will be paid in cash at the closing bid price
of the record date. The Board agreed to maintain the annual
dividend rate of $1.00 per share after the stock dividend.
Item 7. Exhibits.
Press Release, dated April 2, 1996
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: April 4, 1996 By:/s/Alan D. Eskow
Alan D. Eskow
Principal Accounting Officer
and Corporate Secretary
INDEX TO EXHIBITS
99 Press Release dated April 2, 1996
ITEM 7 EXHIBIT 99
Valley National Bank Contact:
1455 Valley Road
Wayne, NJ 07470 Alan D. Eskow
Senior Vice President
(201) 305-4003
Janet Roberts
Investor Relations
(201) 872-4560
VALLEY NATIONAL BANCORP BOARD OF DIRECTORS DECLARED A
5% STOCK DIVIDEND
Wayne, NJ, April 2, 1996 -- Valley National Bancorp (NYSE:VLY)
today reported that the Board of Directors approved a 5% stock
dividend, payable on May 17, 1996, to the shareholders of record on
April 26, 1996.
Gerald H. Lipkin, Chairman and Chief Executive Officer of Valley
National Bancorp, stated, "In an effort to uphold our commitment to
enhance our shareholders' investment, the stated annual dividend
rate of $1.00 per share will be maintained after the stock
dividend."
Valley's annual dividend rate has increased 92 percent from $0.52
per share in 1988. Mr. Lipkin noted, "We have never reduced the
regular cash dividend in over 20 years. In fact, during the last
two decades, Valley's dividend has increased 20 times. Currently,
our dividend yield of 3.59% and payout ratio of 56% exceed the New
Jersey bank stock average dividend yield of 2.17% and payout ratio
of 28.2%.
1995 was another excellent year for Valley. Net of approximately
$5.4 million in nonrecurring charges, Valley's reported net income
was $62.6 million, or $1.76 per share for year-end December 31,
1995. Commenting on 1995 year-end results, Mr. Lipkin stated,
"Excluding one-time merger expenses, our return on assets and
return on equity continue to place us among the top performing
banks in the nation. We achieved these strong results for the year
while, at the same time, investing heavily for the future of our
Company. In addition, our operating efficiency ratio of 43.6% has
earned Valley a position as one of the country's premiere financial
institutions, placing it as the most efficient banking organization
among the 100 largest commercial banks in the United States."
Valley's efficiency ratio represents non-interest expense as a
percent of net interest income on a fully tax equivalent basis plus
non-interest income less non-recurring items.
Valley National Bancorp is a regional bank holding company
headquartered in Wayne, NJ. Its principal subsidiary, Valley
National Bank, has $4.6 billion in assets and operates 80 branch
offices located in 10 counties serving 58 communities throughout
northern New Jersey.