WAYNE, N.J., Jan. 17 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) ("Valley") announced that its Board of Directors has authorized
Valley to repurchase up to 3.5 million shares of Valley's outstanding
common stock. Valley will first complete its May 14, 2003 publicly
announced repurchase plan which authorized the repurchase of up to 2.5
million shares. Currently, 1.0 million shares are available for repurchase
pursuant to the 2003 plan. Purchases may be made from time to time in the
open market or in privately negotiated transactions generally at prices not
exceeding prevailing market rates.
Valley currently has approximately 115.4 million common shares
outstanding. Reacquired common shares will be held in treasury and may be
used for general corporate purposes.
Valley National Bancorp is a regional bank holding company with over
$12 billion in assets, headquartered in Wayne, New Jersey. Its principal
subsidiary, Valley National Bank, currently operates 168 offices in 110
communities serving 13 counties throughout northern and central New Jersey,
Manhattan and Brooklyn.
SOURCE Valley National Bancorp
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Related links:
http://www.valleynationalbank.com
http://www.prnewswire.com/comp/141340.html /
CONTACT:
Alan D. Eskow, Executive Vice President and
Chief Financial Officer, +1-973-305-4003
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