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


FOR IMMEDIATE RELEASE
June 10, 1999


         WAYNE,  NJ,  June  10,  1999  --  Valley  National  Bancorp  (NYSE:VLY)
announced the termination of its stock repurchase plan, effective June 10, 1999.
Valley's  Board of Directors had authorized on Apirl 28, 1999, the repurchase of
up to 2,750,000 shares of the Company's  outstanding stock. As of June 10, 1999,
the Company had repurchased  1,427,957  shares.  The balance of 1,322,043 shares
have not been  repurchased.  The Board,  effective  June 10, 1999  rescinded the
authorization for the Company to repurchase the remaining shares.


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