Exhibit (4)

                                  NEWS RELEASE


FOR:              Valley National Bancorp            Contact: Alan Eskow
                  1455 Valley Road                            (201) 305-4003
                  Wayne, NJ  47474

For Immediate Release:     September 18, 1996


WAYNE,  NJ -- The Board of  Directors  of  Valley  National  Bancorp  previously
authorized on February 21, 1996, the repurchase of up to 1,000,000 shares of the
company's  outstanding  stock.  Repurchased  shares  as of  September  17,  1996
amounted to 770,860 of which 314,888 are treasury shares and 229,140 shares have
not been  repurchased as of this date. The Board rescinded on September 17, 1996
the authorization for the Company to repurchase the 229,140 shares remaining.