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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 10, 1999
VALLEY NATIONAL BANCORP
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(Exact name of registrant as specified in its charter)
New Jersey
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(State or other jurisdiction of incorporation)
0-11179 22-2477875
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(Commission File Number) (IRS Employer Identification No.)
1455 Valley Road
Wayne, New Jersey 07470
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(Address of principal executive offices)
(973) 305-8800
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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On June 11, 1999, Valley National Bancorp completed its previously
announced acquisition of Ramapo Financial Corporation and Ramapo's wholly owned
banking subsidiary, The Ramapo Bank. The acquisition was completed by merging
Ramapo with and into Valley and The Ramapo Bank with and into Valley National
Bank, Valley's banking subsidiary, pursuant to the Agreement and Plan of Merger
dated as of December 17, 1998, among Valley, Ramapo, Valley National Bank and
The Ramapo Bank. In the merger, each share of Ramapo common stock was converted
into 0.44625 shares of Valley common stock. As of March 31, 1999, Ramapo had
total assets of $334,868,000, total deposits of $293,674,000 and stockholders'
equity of $34,909,000. A copy of the press release dated June 11, 1999 with
respect to the merger is attached as Exhibit 99.1 to this form 8-K.
On June 10, 1999, Valley's Board of Directors rescinded its previously
announced repurchase program after 1,427,957 shares of Valley Common Stock had
been repurchased. 1,322,043 shares had not yet been repurchased under the
authorization. Rescinding the remaining authorization was undertaken, in
connection with Valley's acquisition of Ramapo, to comply with certain of the
pooling-of-intersts accounting rules as recently interpreted by the Securities
and Exchange Commission. A copy of the press release dated June 10, 1999 with
respect to Valley's Board of Directors decision to rescind its repurchase
program is attached as Exhibit 99.2 to this Form 8-K.
Item 7. Exhibits
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99.1 Press Release dated June 11, 1999
99.2 Press Release dated June 10, 1999
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VALLEY NATIONAL BANCORP
Dated: June 16, 1999 By: ALAN D. ESKOW
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Alan D. Eskow
Corporate Secretary
INDEX TO EXHIBITS
Exhibit No. Description
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99.1 Press Release dated June 11, 1999
99.2 Press Release dated June 10, 1999