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, 1997
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, 1997, the Board of Directors of Valley National Bancorp ("Valley")
approved a 5% stock dividend. The new stock will be issued May 15, 1997 to
shareholders of record as of April 30, 1997. Any fractional shares will be
paid in cash at the closing bid price of the record date. The Board agreed to
increase the annual dividend rate to $1.10 per share after the stock dividend.
The cash dividend increase will be payable quarterly beginning on July 1, 1997.
Item 7. Exhibit.
Press Release, dated April 2, 1997.
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 24, 1997 By: /s/ Alan D. Eskow
Principal Accounting Officer
and Corporate Secretary
INDEX TO EXHIBITS
99 Press Release dated April 2, 1997
ITEM 7. EXHIBIT 99
Valley National Bank Contact:
1455 Valley Road Alan D. Eskow
Wayne, NJ 07470 Senior Vice President
(201) 305-4003
Dianne M. Grenz
Investor Relations
(201) 305-3380
VALLEY NATIONAL BANCORP BOARD OF DIRECTORS DECLARES A
5% STOCK DIVIDEND AND INCREASES CASH DIVIDEND 15.5%
WAYNE, NJ, April 2, 1997--Valley National Bancorp (NSE:VLY) today reported
that the Board of Directors approved a 5% stock dividend, payable on May 15,
1997, to the shareholders of record on April 30, 1997.
Gerald H. Lipkin, Chairman and Chief Executive Officer of Valley National
Bancorp, stated, "That in connection with the stock dividend Valley is also
increasing its regular cash dividend to $1.10 per share. This represents an
increase of 15.5% after including the effect of both the stock dividend and
increased cash dividend."
Valley's annual dividend rate has increased 120 percent from $0.50 per share
in 1988. Mr. Lipkin noted, "We have never reduced the regular cash dividend
in the 70 year history of the bank. In fact, during the last two decades,
Valley's dividend has increased 19 times. Our new dividend yield of 4.1%
exceeds the New Jersey bank stock average dividend yield of 2.43%."
1996 was another excellent year for Valley. Net of approximately $6.4 million
in one-time FDIC assessment, Valley's reported net income was $67.5 million,
or $1.84 per share for year-end December 31, 1996.
Valley National Bancorp is a regional bank holding company headquartered in
Wayne, NJ. Its principal subsidiary, Valley National Bank, has $5.1 billion
in assets and operates 95 branch offices located in 10 counties serving 67
communities throughout New Jersey.