WAYNE, N.J., April 11 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY)("Valley") today reported that the Board of Directors approved a
5 percent stock dividend payable May 25, 2007, to shareholders of record on
May 11, 2007.
Gerald H. Lipkin, Chairman, President and Chief Executive Officer of
Valley National Bancorp said, "In conjunction with the stock dividend,
Valley's Board has decided to increase the cash dividend, on an adjusted
basis, to $0.84 per share or approximately 2.4 percent."
Mr. Lipkin noted that, the next regular quarterly cash dividend, which
will reflect the increase, is due to be paid on July 2, 2007.
Valley's annual dividend rate, adjusted for stock splits and stock
dividends, has increased on a restated basis over 1,600 percent from $0.05
per share in 1981 to $0.84 per share in 2007. Mr. Lipkin noted that, "We
have never reduced the regular cash dividend in the 80 year history of the
bank. In fact, the dividend has been increased 38 times in the last 39
years."
Valley National Bancorp is a regional bank holding company with
approximately $12 billion in assets, headquartered in Wayne, New Jersey.
Its principal subsidiary, Valley National Bank, currently operates 169
branch offices located in 111 communities serving 13 counties in northern
and central New Jersey and New York City. 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
http://www.prnewswire.com/comp/141340.html/
CONTACT:
Alan D. Eskow for Valley National Bancorp,
Executive Vice President & Chief Financial Officer,
+1-973-305-4003
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