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) April 6, 2000
VALLEY NATIONAL BANCORP
(Exact name of registrant as specified in its charter)
New Jersey
(State of 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)
(973) 305-8800
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
On April 6, 2000 the Company issued a press release announcing the declaration
of the Company's 5% stock dividend on the Company's common stock
outstanding. The stock dividend is payable May 16, 2000 to shareholders
of record May 5, 2000. Additionally, the Company announced the declaration
of an increase in the Company's regular annual dividend rate from $0.99 per
share on an after split basis to $1.04 per share of common stock. A copy of the
press release is attached to this Form 8-K as an Exhibit.
Item 7. Exhibits
Exhibit 99.1 Press Release - Stock Dividend
<PAGE>
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: April 7, 2000 By: /s/ Alan D. Eskow
Alan D. Eskow
Corporate Secretary
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Press Release - Stock Dividend
<PAGE>
VALLEY NATIONAL BANCORP BOARD OF DIRECTORS DECLARES
A 5 PERCENT STOCK DIVIDEND AND INCREASES CASH DIVIDEND
WAYNE, NJ, April 6, 2000-- Valley National Bancorp (NYSE:VLY) today reported
that the Board of Directors approved a 5 percent stock dividend payable
May 16, 2000, to the shareholders of record on May 5, 2000.
Mr. Gerald H. Lipkin, Chairman, President and Chief Executive Officer of
Valley National Bancorp said "In conjunction with the stock dividend, Valley
is also increasing its regular annual dividend rate from $0.99 per share
on an after split basis to $1.04 per share. This represents an increase
of 5.0 percent after adjusting for the effect of the stock dividend and
increased cash dividend." The next quarterly cash dividend is due to be paid
on July 3, 2000.
Valley's annual dividend rate has increased on a restated basis 1,200
percent from $0.08 per share in 1978. Mr. Lipkin noted that "We have never
reduced the regular cash dividend in the 72 year history of the bank. In fact,
during the last three decades, Valley's dividend has increased 30 times."
Valley National Bancorp is a regional bank holding company headquartered in
Wayne, NJ. Its principal subsidiary, Valley National Bank, has $6.4 billion
in assets and operates 117 branch offices in 10 counties serving 76 communities
throughout New Jersey.
