WAYNE, N. J., April 6 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) today reported that the Board of Directors approved a 5 percent
stock dividend payable May 20, 2005, to shareholders of record on May 6, 2005.
Gerald H. Lipkin, Chairman, President and Chief Executive Officer of
Valley National Bancorp said, "In conjunction with the stock dividend,
Valley's Board has agreed to increase its regular annual dividend rate to
$0.88 per share on an after split basis. This represents an increase of 3
percent in the cash dividend after adjusting for the effect of the stock
dividend."
The next regular quarterly cash dividend, which will reflect the increase,
is due to be paid on July 1, 2005.
Valley's annual dividend rate, adjusted for stock splits and stock
dividends, has increased on a restated basis approximately 1,600 percent from
$0.05 per share in 1979 to $0.88 per share in 2005. Mr. Lipkin noted that,
"We have never reduced the regular cash dividend in the 78 year history of the
bank. In fact, the dividend has been increased 36 times in the last 37
years."
Valley National Bancorp is a regional bank holding company with
approximately $11.2 billion in assets, headquartered in Wayne, New Jersey.
Its principal subsidiary, Valley National Bank, currently operates 146 branch
offices located in 97 communities serving 12 counties in northern New Jersey
and Manhattan. Valley's web site can be found at
http://www.valleynationalbank.com.
SOURCE Valley National Bancorp
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Related links:
http://www.valleynationalbank.com
Company News On-Call:
http://www.prnewswire.com/comp/141340.html
CONTACT:
Dianne M. Grenz, Senior Vice President,
Director of Shareholder & Public Relations, +1-973-305-3380, for
Valley National Bancorp
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