SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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)
March 23, 1995
VALLEY NATIONAL BANCORP
(Exact Name of Registrant as Specified in Charter)
NEW JERSEY
(State or Other Jurisdiction of Incorporation)
0-11179 22-2477875
(Commission File Number) (IRS Employer Identification No.)
1445 Valley Road, Wayne, New Jersey 07470
(Address of Principal Executive Office)
(201) 305-8800
(Registrant's Telephone Number)
Item 5 - Other Events:
On March 23, 1995, the Board of Directors of Valley National
Bancorp ("Valley") approved a 5% stock dividend. The new stock
will be issued May 2, 1995 to shareholders of record as of April
14, 1995. Any fractional shares will be paid in cash at the
closing bid price of the record date. The Board agreed to maintain
the annual dividend rate of $1.00 per share after the stock
dividend.
Item 7 - Exhibits:
Press Release, dated March 23, 1995
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: March 30, 1995 By:/s/Alan D. Eskow
Alan D. Eskow
Senior Vice President and
Principal Accounting Officer
<EXHIBIT>
Item 7 - Exhibit
For Immediate Release: March 23, 1995
To: All Shareholders
VALLEY NATIONAL BANCORP BOARD OF DIRECTORS
ANNOUNCES 5% STOCK DIVIDEND
Wayne, NJ -- On March 23, 1995, the Board of Directors of Valley
National Bancorp (NYSE:VLY) approved a 5% stock dividend. The
stock dividend will be payable on May 2, 1995 to shareholders of
record on April 14, 1995.
Gerald H. Lipkin, Chairman and CEO of Valley National Bancorp
stated that "consistent with our policy of sharing the bank's
prosperity with our shareholders, the annual dividend rate of $1.00
per share will be maintained after the stock dividend."
"Our annual dividend rate has increased from $.63 per share in 1988
to $1.00 -- an increase of 59 percent. In fact, over the last 20
years, we have increased our dividend 19 times. Valley has never
reduced its regular cash dividend," Mr. Lipkin noted.
Valley National reported net income of $59.0 million, or $2.06 per
share for the year ended December 31, 1994. The results represent
a 4.6 percent increase from 1993's record performance of $56.4
million, or $2.00 per share.
The company had a return on average assets of 1.6 percent and a
return on average equity of 20.0 percent for the year ended
December 31, 1994.
"Our results for 1994 again place the company among the highest
performing bank holding companies in America," Lipkin said. Valley
National's efficiency ratio was 45.4 percent for 1994, compared to
an average of 66.6 percent for twenty-two other banks headquartered
in New Jersey. The efficiency ratio represents Valley's non-
interest expense as a percentage of net interest income on a fully
tax equivalent basis plus non-interest income less non-recurring
items.
On February 27, 1995, Valley entered into a definitive merger
agreement by which Valley will acquire Lakeland First Financial
Group, Inc. (NASDAQ:LLSL), the holding company for Lakeland Savings
Bank, a $661 million, 16-branch bank headquartered in Succasunna,
NJ.
The merger will expand Valley's branch network in Morris County and
extend it into two new counties, Sussex and Warren. "With a
current return on assets of 1.41 percent and a return on equity
over 18%, Lakeland represents the type of superior performing
organization that Valley seeks to join with in strategically
expanding its franchise," said Lipkin.
Valley National Bancorp is a regional bank holding company whose
principal subsidiary, Valley National Bank, has over $3.7 billion
in assets and operates 64 branches in Bergen, Essex, Hudson,
Middlesex, Morris, Passaic, Somerset and Union counties in northern
New Jersey.
</EXHIBIT>
