Contact: Alan D. Eskow
         Senior Vice President and Controller
         Valley National Bancorp
         973-305-4003

FOR IMMEDIATE RELEASE:     Friday, June 11, 1999


                 VALLEY NATIONAL BANCORP COMPLETES RAMAPO MERGER


         Wayne, NJ - Valley National Bancorp (NYSE:VLY) completed its previously
announced  merger with Ramapo  Financial  Corporation  (RMPO),  effective at the
close of business today.

         "The merger with Ramapo is consistent with Valley's  strategy of growth
within New Jersey through acquisitions of other strong financial  institutions,"
said Gerald H. Lipkin, Chairman, President and Chief Executive Officer of Valley
National Bancorp. "The merger will expand Valley's substantial branch network in
Passaic, Essex and Morris counties."

         As a result of the merger,  Ramapo  shareholders  will receive  0.44625
shares of Valley  common  stock (as adjusted  for the 5 percent  stock  dividend
issued on May 18, 1999) for each share of Ramapo common stock they own.  Ramapo
has 8,896,708  outstanding shares of common stock,  resulting in the issuance of
3,970,155 shares of Valley common stock, less fractional shares paid out in cash
at $27.58.

         In  conjunction  with  the  merger,  Valley  expects  to incur a second
quarter charge of  approximately  $2.1 million,  net of tax, for one-time merger
related and  restructuring  charges  including costs related to branch closings,
officers' compensation and professional and investment banking fees.






         The Ramapo Bank,  the principal  subsidiary of Wayne,  NJ-based  Ramapo
Financial  Corporation,  has  approximately  $343 million in assets and operates
eight branch offices in Essex, Morris and Passaic counties. The merger increases
Valley's  total assets to  approximately  $6.1 billion and its branch network to
114 branches in 10 counties.

         This document contains forward-looking statements within the meaning of
the Private  Securities  Litigation  Reform Act of 1995. Such statements are not
historical  facts and include  expressions  about  management's  confidence  and
strategies and  management's  expectations  about new and existing  programs and
products,  relationship opportunities,  technology and market conditions.  These
statements may be identified by such  forward-thinking  terminology as "expect,"
"look,"  "believe,"   "anticipate,"  "may,"  "will"  or  similar  statements  or
variations of such terms. Such forward-thinking statements involve certain risks
and  uncertainties.  These include,  but are not limited to, to the direction of
interest  rates,  continued  levels  of loan  quality  and  origination  volume,
continued  relationships  with  major  customers  including  sources  for loans,
successful  completion of the implementation of Year 2000 technology changes, as
well as the effects of economic conditions and legal and regulatory barriers and
structure.  Actual  results  may  differ  materially  from such  forward-looking
statements.  Valley National Bancorp assumes no obligation for updating any such
forward-looking statements at any time.