FOR:  Valley National Bancorp                  Contact:  Alan Eskow
      1455 Valley Road                                   (973) 305-4003
      Wayne, New Jersey 07470



FOR IMMEDIATE RELEASE
June 2, 1998


         WAYNE,  NJ --  The  Board  of  Directors  of  Valley  National  Bancorp
previously  authorized  on January 23, 1998,  the  repurchase of up to 1,250,000
shares  (adjusted  for the 5 for 4 stock split on May 18, 1998) of the company's
outstanding  stock. As of June 1, 1998,  repurchased  shares amounted to 220,125
and the  balance  of  1,029,875  shares  have not been  repurchased.  The  Board
rescinded on May 26, 1998 the  authorization  for the Company to repurchase  the
1,029,875 shares remaining.


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