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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) December 1, 2000
VALLEY NATIONAL BANCORP
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(Exact name of registrant as specified in its charter)
New Jersey
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(State or other jurisdiction of incorporation)
1-11277 22-2477875
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(Commission File Number) (IRS Employer Identification No.)
1455 Valley Road
Wayne, New Jersey 07470
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(Address of principal executive offices)
(973) 305-8800
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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For many years, Valley National Bank has maintained an automobile loan program
with a major insurance company. While the loans generated by this program have
been important to Valley, changing market conditions for autombile lending have
reduced the volume and profitability of the program relative to other loans and
investments available to the bank. As a result of the expansion of the insurance
company's banking activities, Valley expects to phase out the origination of
loans under this program during 2001.
All loans originated by Valley during the program will remain under the bank's
ownership, and Valley expects the portfolio to amortize in its normal course. As
of September 30, 2000, this portfolio represents approximately eleven percent of
Valley's earning assets and the amount of the portfoloio had decreased by
approximately eleven percent during the last twelve-month period. The gross
yield of the portfolio for the year to date 2000 is 8.16 percent, prior to
payments to the insurance company, loan losses and all costs associated with
originating and maintaining the portfolio. Management anticipates that the
phasing out of this program should not have a material adverse effect on future
net income and, in fact, may have a positive effect.
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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, technology and market conditions. These
statements may be identified by such forward looking terminology as "expect",
"anticipate", "will", "should", "may", or similar statements or vartiations of
such terms. Such forward-looking statements involve certain risks and
uncertainties. These include, but are not limited to, the direction of interest
rates, continued levels of loan quality and origination volume, continued
relationships with major customers including sources for loans, as well as the
effects of economic conditions and legal and regulatory barriers and structure.
Actual results may differ materially from such forward-looking statements.
Valley assumes no obligation for updating any such forward-looking staement at
any time.
SIGNATURES
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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: December 1, 2000 By: ALAN D. ESKOW
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Alan D. Eskow
Executive Vice President & Chief
Financial Officer