VALLEY NATIONAL BANCORP BOARD OF DIRECTORS DECLARES
             A 5 PERCENT STOCK DIVIDEND AND INCREASES CASH DIVIDEND


WAYNE,  NJ, April 7, 1999 -- Valley National  Bancorp  (NYSE:VLY) today reported
that the Board of Directors  approved a 5 percent stock dividend payable May 18,
1999, to the shareholders of record on May 7, 1999.

Mr. Gerald H. Lipkin, Chairman,  President and Chief Executive Officer of Valley
National Bancorp said, "In conjunction  with the stock dividend,  Valley is also
increasing  its regular  annual  dividend  rate from $0.95 per share on an after
split basis to $1.04 per share. This represents an increase of 9.5 percent after
adjusting for the effect of the stock dividend and increased cash dividend." The
next regular quarterly cash dividend is due to be paid on July 1, 1999.

Valley's  annual  dividend rate has increased on a restated  basis 1,200 percent
from $0.08 per share in 1978.  Mr.  Lipkin  noted,  "We have never  reduced  the
regular cash  dividend in the 72 year history of the bank.  In fact,  during the
last three decades, Valley's dividend has increased 30 times."
 
The first quarter of 1999,  produced record results for Valley. The reported net
income was $25.3  million,  or $0.46 a diluted  share,  an increase in per share
earnings of 7.0 percent over 1998 first quarter diluted share earnings of $0.43.
After the stock dividend,  diluted  earnings per share are adjusted to $0.43 and
$0.41 for 1999 and 1998,  respectively.  

Valley  National  Bancorp is a regional bank holding  company  headquartered  in
Wayne, NJ. Its principal  subsidiary,  Valley National Bank, has $5.7 billion in
assets and operates  105 branch  offices in 10 counties  serving 71  communities
throughout New Jersey.

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