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) December 5, 1995
VALLEY NATIONAL BANCORP
(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
0-11179 22-2477875
(Commission File Number) (IRS Employer Identification No.)
1455 Valley Road, Wayne, New Jersey 07470
(Address of principal executive offices)
(201) 305-8800
(Registrant's telephone number, including area code)
Item 5. Other Events.
On December 5, 1995, Valley National Bancorp ("Valley")
issued a press release announcing that its commercial banking
subsidiary, Valley National Bank, received all necessary approvals
with respect to its application to establish a finance company in
Toronto, Canada. The Office of the Supervision of Financial
Institutions, the Canadian Banking and Financial Institution
Regulator, recently granted approval to establish the finance
company in Canada with capitalization of $10 million (Canadian).
The approval of the Federal Reserve Board of Governors was received
some time ago.
The proposed Canadian finance company will make consumer loans
in Canada, primarily auto loans, utilizing Valley's expertise in
the area and extending to Canada the existing referral program
Valley has with a major insurance company. Valley anticipates that
the Canadian finance company will become operational in the first
quarter of 1996.
On December 7, 1995, Valley issued a press release announcing
that its commercial banking subsidiary, Valley National Bank, has
signed a letter of intent with with an undisclosed partner for a
substantial co-branding credit card program which it anticipates
will add an estimated 200,000 accounts to the bank within two years.
Valley and its partner hope to roll out the program in the first
quarter of 1996.
Valley is a credit card issuer and has pioneered a series of
smaller affinity card programs, most notably for New Jersey
municipalities and non-profit organizations. Valley has been
exploring the co-branding field for some time. While there can be
no assurance that Valley will actually enter into a co-branding
arrangement with this particular customer until there is a binding
agreement with the partner and the program is rolled out, Valley
anticipates that it will become a major participant in the co-
branding field.
SIGNATURES
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: December 12, 1995 By: /S/Alan D. Eskow
Alan D. Eskow
Senior Vice President
Financial Administration
INDEX TO EXHIBITS
99 (a) Press Release dated December 5, 1995
(b) Press Release dated December 7, 1995
EXHIBIT 99 (a)
VALLEY NATIONAL BANCORP CONTACT:
1455 VALLEY ROAD Alan Eskow
WAYNE, NJ 07470 Valley National Bancorp
(201) 305-4003
Ed Belak
Georgeson & Co.
(212) 440-9801
VALLEY NATIONAL RECEIVES ALL APPROVALS TO ESTABLISH A
CANADIAN SUBSIDIARY
Wayne, NJ December 5, 1995 -- Valley National Bancorp
(NYSE:VLY) and Valley National Bank, its commercial
banking subsidiary, today announced that Valley National
Bank has now received all necessary approvals with respect to its
application to establish a finance company in Toronto, Canada. The
Office of the Supervision of Financial Institutions, the Canadian
Banking and Financial Institution Regulator, recently granted
approval to establish the finance company in Canada with
capitalization of $10 million (Canadian). The approval of the
Federal Reserve Board of Governors was received some time ago.
The proposed Canadian finance company will make consumer loans
in Canada, primarily auto loans, utilizing Valley's expertise in
the area and extending to Canada the existing referral program
Valley has with a major insurance company. Valley anticipates that
the Canadian finance company will become operational in the first
quarter of 1996.
Exhibit 99 (b)
VALLEY NATIONAL BANCORP CONTACT:
1455 VALLEY ROAD Peter John Southway
WAYNE, NJ 07470 Edward Lawrence
Valley National Bank
(201) 305-3388
Ed Belak
Georgeson & Company
(212) 440-9801
VALLEY SEEKS TO EXPAND CO-BRANDED CREDIT CARD PROGRAM
Wayne, NJ December 7, 1995 -- Valley National Bancorp (NYSE:VLY)
today announced that Valley National Bank, its commercial bank
subsidiary, has signed a letter of intent with an undisclosed
partner for a substantial co-branding credit card program which
it anticipates will add an estimated 200,000 accounts to the bank
within two years. Valley and its partner hope to roll out the
program in the first quarter of 1996.
Valley is a credit card issuer and has pioneered a series of
smaller affinity card programs, most notably for New Jersey
municipalities and non-profit organizations. Valley has been
exploring the co-branding field for some time. While there can be
no assurance that Valley will actually enter into a co-branding
arrangement with this particular customer until there is a binding
agreement with the partner and the program is rolled out, Valley
anticipates that it will become a major participant in the co-
branding field.
Valley earlier this week disclosed that it received approval from
the Canadian government to establish a canadian subsidiary which
will make automobile and other consumer loans in Canada. This
Canadian finance company will utilize Valley's expertise in
automobile lending and extend to Canada the existing referral
program Valley has with a major insurance company. Valley
anticipates that the subsidiary will commence operations in the
first quarter of 1996.
