CONSENT OF CIBC WORLD MARKETS CORP.
October 30, 2000
Merchants New York Bancorp, Inc.
275 Madison Avenue
New York, New York 10022
Dear Madams and Messieurs:
We hereby consent to (i) the use of our opinion letter to the Board of Directors
of Merchants New York Bancorp, Inc. (the "Company") to be included as Appendix C
to the Proxy Statement/Prospectus which forms a part of Amendment No. 1 to the
Registration Statement on Form S-4 relating to the proposed merger of the
Company and Valley National Bancorp and (ii) the references to such opinion in
such Proxy Statement/Prospectus. In giving such consent, we do not admit that we
come within the category of persons whose consent is required under Section 7 of
the Securities Act of 1933, as amended, or the rules and regulations of the
Securities and Exchange Commission thereunder, nor do we hereby admit that we
are experts with respect to any part of such Registration Statement within the
meaning of the term "experts" as used in the Securities Act of 1933, as amended,
or the rules and regulations of the Securities and Exchange Commission
thereunder.
Very Truly Yours,
CIBC WORLD MARKETS CORP.
RICHARD J. KELLY
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Richard J. Kelly
Executive Director
