EXHIBIT 99


For Immediate Release: February 28, 1997

              VALLEY GROWS TO 95 OFFICES AND PASSES $5 BILLION MARK
                        WITH COMPLETION OF MIDLAND MERGER


WAYNE,  NJ--Valley National Bancorp (NYSE:VLY) announced today the completion of
its merger with Midland Bancorporation,  Inc., whose principal subsidiary is The
Midland Bank and Trust Company, a $440 million, 13-branch bank based in Paramus,
New  Jersey.  This  merger  increases  Valley's  asset size by 9 percent to $5.1
billion and its branch network to 95 offices.

"With the  addition of Midland,  we continue to expand our  franchise  in Bergen
County,  one of the nation's  most affluent and densely  populated  areas," said
Gerald  H.  Lipkin,   Valley   National   Bancorp   Chairman,   President,   and
CFooter168424A01031397Footerhief  Executive Officer.  All Midland offices are in
Bergen County communities currently not served by Valley.

"This  merger is  consistent  with our strategy of  acquiring  strong  financial
institutions in our market area. We expect to generate  significant cost savings
from this acquisition  while increasing our retail and commercial  customer base
in the county.  During the past 7 years we have been able to  dramatically  grow
our company  while  maintaining  performance  and  efficiency  ratios that place
Valley among the best performing banks in the nation," Mr. Lipkin added.

In its 1996  annual  listing  of the top 100 banks in the  nation,  U.S.  Banker
magazine cited Valley as the second most  efficient with an efficiency  ratio of
43.08  percent,  and as the eighth best  performing.  Ryan,  Beck & Co.  analyst
Elizabeth  Summers noted,  "Valley is the only  commercial  bank in our coverage
list with an  efficiency  ratio  that has been  consistently  below 50% for many
years. Valley's low expense ratio gives the company a competitive advantage in a
crowded market."

"Our affiliation with Valley brings together two great banking  institutions and
creates a much stronger  market presence in Bergen County," stated Robert Meyer,
Midland  President  and Chief  Executive  Officer.  Mr. Meyer will join Valley's
senior  management  team as an  Executive  Vice  President in charge of bankwide
commercial  lending.  "We believe this transaction  enables Midland customers to
have access to a wider array of financial  services  available  through  various
distribution systems."

In addition to Mr. Meyer's  appointment,  Walter H. Jones, III, Midland Chairman
of the Board,  and Graham O. Jones,  a  Director,  will join  Valley's  Board of
Directors.

As a result of the  merger,  Midland  Bancorporation,  Inc.,  shareholders  will
receive 30 shares of Valley common stock for each share of Midland  common stock
that they own. Midland  Bancorporation,  Inc. has 127,794  outstanding shares of
common stock.

"With this merger,  Midland customers can feel confident that they will continue
to receive the kind of  personalized  attention  they have been used to," Lipkin
said. "Since our inception over 70 years ago, Valley has been committed to being
responsive  to the needs of the  businesses  and  consumers in our market and to
providing the highest level of customer service."