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) April 9, 1998
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)
(973) 305-8800
(Registrant's telephone number, including area code)
Item 5. Other Events
On April 9, 1998, the Board of Directors of Valley National Bancorp
("Valley") approved a 5 for 4 stock split. The new stock will be issued
May 18, 1998 to shareholders of record as of May l, 1998. 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 $1.00 per share
after the stock split. The cash dividend increase will be payable
quarterly beginning July l, 1998.
Item 7. Exhibits.
Press Release dated April 9, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this project to be signed on its behalf by the
undersigned thereunto duly authorized.
VALLEY NATIONAL BANCORP
Dated: April 14, 1998 By: /s/ Alan D. Eskow
Principal Accounting Officer
and Corporate Secretary
INDEX TO EXHIBITS
99 Press Release dated April 9, 1998
ITEM 7. EXHIBIT 99
Valley National Bank Contact:
1455 Valley Road Alan D. Eskow
Wayne, NJ 07470 Senior Vice President
(973) 305-4003
Dianne M. Grenz
Shareholder Relations
(973) 305-3380
VALLEY NATIONAL BANCORP BOARD OF DIRECTORS DECLARES A 5 FOR 4 STOCK SPLIT AND
INCREASES CASH DIVIDEND
WAYNE, NJ, April 9, 1998--Valley National Bancorp (NYES:VLY) today reported
that the Board of Directors approved a 5 for 4 stock split, payable May 18,
1998, to the shareholders of record on May 1, 1998.
Gerald H. Lipkin, Chairman, President and Chief Executive Officer of Valley
National Bancorp, "In conjunction with the stock split Valley is also increasing
its regular cash dividend from $0.88 per share on an after split basis to $1.00
per share. This represents an increase of 13.6% after adjusting for the effect
of the stock split and increased cash dividend." The next regular cash dividend
is due to be paid on July 1, 1998.
Valley's annual dividend rate has increased on a restated basis 1,150% from
$0.08 per share in 1978. Mr. Lipkin noted, "We have never reduced the regular
cash dividend in the 71 year history of the bank. In fact, during the last
three decades, Valley's dividend has increased 29 times."
The first quarter of 1998 produced record results for Valley. The reported
net income was $23.3 million, or $0.55 a diluted share, an increase in per
share earnings of 12 percent over 1997 first quarter diluted share earnings of
$0.49. After the stock split, diluted earnings per share are adjusted to $0.44
and $0.39 for 1998 and 1997, respectively.
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 97 branch offices in 10 counties serving 67 communities
throughout New Jersey.