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) February 21, 1996
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 February 21, 1996, Valley National Bancorp ("Valley") issued a
press release announcing that it had authorized the repurchase of
up to 1,000,000 shares of the company's outstanding common stock.
Purchases may be made from time to time in the open market or in
privately negotiated transactions. Reacquired shares are expected
to be held in treasury to be used for employee benefit programs and
other general corporate purposes.
Under previous programs initiated in April and November 1995,
Valley's Board authorized repurchase of up to 1,000,000 shares.
Valley's management has used that authority to purchase
approximately 720,360 shares at a total cost of $17.6 million.
Valley expects to repurchase the remaining 279,640 shares
authorized under those prior plans, as well as to repurchase the
1,000,000 shares authorized today. There is no set expiration date
to any of the repurchase authorizations. Of the 720,360 shares
repurchased since April 1995, Valley has reissued approximately
587,750 shares under the company's stock option plan and under a
warrant program which expired in December 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: February 21, 1996 By:Alan D. Eskow
Alan D. Eskow
Principal Accounting Officer
and Corporate Secretary
INDEX TO EXHIBITS
99 Press Release dated February 21, 1996
EXHIBIT 99
Valley National Bank Contact:
1455 Valley Road
Wayne, NJ 07470 Alan D. Eskow
Senior Vice President
(201) 305-4003
Janet Roberts
Investor Relations
(201) 305-3380
VALLEY NATIONAL BANCORP'S BOARD OF DIRECTORS AUTHORIZES THE
REPURCHASE OF UP TO 1,000,000 SHARES
Wayne, NJ, February 21, 1996 - Valley National Bancorp (NYSE:VLY)
announced today that its Board of Directors has authorized the
repurchase of up to 1,000,000 shares of the company's outstanding
common stock. Purchases may be made from time to time in the open
market or in privately negotiated transactions. Reacquired shares
are expected to be held in treasury to be used for employee benefit
programs and other general corporate purposes.
Under previous programs initiated in April and November 1995,
Valley's Board authorized repurchase of up to 1,000,000 shares.
Valley's management has used that authority to purchase
approximately 720,360 shares at a total cost of $17.6 million.
Valley expects to repurchase the remaining 279,640 shares
authorized under those prior plans, as well as to repurchase the
1,000,000 shares authorized today. There is no set expiration date
to any of the repurchase authorizations. Of the 720,360 shares
repurchased since April 1995, Valley has reissued approximately
587,750 shares under the company's stock option plan and under a
warrant program which expired in December 1995.
