FOR IMMEDIATE RELEASE Contact: Alan D. Eskow
Senior Vice President & Controller
Valley National Bancorp
(973) 305-4003
WAYNE, N.J., Sept. 19 - PRNewswire -- Valley National Bancorp (NYSE:VLY)
reported, in connection with its recently announced agreement to merge with
Merchants New York Bancorp, Inc., the termination of its common stock repurchase
plan, effective September 19, 2000. Valley's Board of Directors had authorized
on May 23, 2000, the repurchase of up to 3,000,000 shares of the Company's
outstanding common stock. As of September 19, 2000, the Company had repurchased
571,070 common shares. The balance of 2,428,930 common shares have not been
repurchased. The Board, effective September 19, 2000, rescinded the
authorization for the Company to repurchase the remaining common shares.
