Exhibit 99.2

For Immediate Release: February 28, 1995

VALLEY NATIONAL BANCORP COMPLETES MERGER WITH AMERICAN UNION BANK

WAYNE, NJ -- Gerald H. Lipkin, Chairman and Chief Executive Officer
of Valley National Bancorp (NYSE:VLY) announced today the comple-
tion of the previously announced merger with American Union Bank,
based in Union, New Jersey.

As a result of the merger, American Union shareholders received .50
shares of Valley common stock for each share of American Union
common stock that they own.  American Union has 549,970 outstanding
shares of common stock.

American Union has approximately $55 million in assets and operates
two branch offices in Union and Roselle Park.

Lipkin noted, "The merger with American Union is consistent with
Valley's strategy of growth within New Jersey through acquisitions
of other strong financial institutions."

The merger increases Valley National's total assets to approximate-
ly $3.7 billion and its branch network to 64 offices in 43
communities in Bergen, Essex, Hudson, Middlesex, Morris, Passaic,
Somerset, and Union counties.

On February 27, 1995, Valley signed a definitive merger agreement
by which Valley agreed to acquire Lakeland First Financial Group,
Inc., the holding company for Lakeland Savings Bank, a $661
million, 16-branch bank headquartered in Succasunna, NJ. The
definitive merger agreement was negotiated pursuant to the
previously announced letter of intent signed by the parties.  The
merger will expand Valley's branch network in Morris County and
extend it into two new counties, Sussex and Warren.