EXHIBIT 99.1 TO FORM 8-K
The following is a press release issued by Merchants New York Bancorp on
December 7, 2000.
FOR IMMEDIATE RELEASE
Contact: Spencer B. Witty Mark B. Leeds
Merchants Bank of New York Leeds Communications Associates
(212) 973-6600 (718) 279-2314 (212) 292-4996
New York, N.Y., December 7, 2000 - Shareholders of Merchants New York Bancorp
(NASDAQ: NMS: MBNY) voted overwhelmingly to approve the merger between Merchants
and Valley National Bancorp (NYSE: VLY) with over 15.2 million shares of
Merchants common stock represented, Merchants' shareholders approved the merger
by a vote of 99.2%.
Earlier, the shareholders of Valley approved the merger by almost the same wide
margin. The acquisition is conditional upon necessary regulatory approval which
is pending.
Merchants New York Bancorp's principal subsidiary, Merchants Bank of New York,
has seven branches in the heart of Manhattan with $1.4 billion in assets.
Valley's principal subsidiary Valley National Bank has 117 branches across the
river in Northern New Jersey. The combined banks will have $7.6 billion in
assets and a franchise of 124 branches in the area.
Both Merchants and Valley Boards of Directors had unanimously recommended
approval of the merger.
Valley expects to complete the acquisition in early 2001.
