CONSENT OF CIBC WORLD MARKETS CORP.


October 30, 2000

Merchants New York Bancorp, Inc.
275 Madison Avenue
New York, New York 10022


Dear Madams and Messieurs:


We hereby consent to (i) the use of our opinion letter to the Board of Directors
of Merchants New York Bancorp, Inc. (the "Company") to be included as Appendix C
to the Proxy  Statement/Prospectus  which forms a part of Amendment No. 1 to the
Registration  Statement  on Form S-4  relating  to the  proposed  merger  of the
Company and Valley  National  Bancorp and (ii) the references to such opinion in
such Proxy Statement/Prospectus. In giving such consent, we do not admit that we
come within the category of persons whose consent is required under Section 7 of
the  Securities  Act of 1933, as amended,  or the rules and  regulations  of the
Securities and Exchange  Commission  thereunder,  nor do we hereby admit that we
are experts with respect to any part of such  Registration  Statement within the
meaning of the term "experts" as used in the Securities Act of 1933, as amended,
or  the  rules  and  regulations  of  the  Securities  and  Exchange  Commission
thereunder.


Very Truly Yours,





CIBC WORLD MARKETS CORP.

RICHARD J. KELLY
- ---------------------------------
Richard J. Kelly
Executive Director