WAYNE, N.J. and TOTOWA, N.J., June 19 /PRNewswire-FirstCall/ -- Valley
National Bancorp (NYSE: VLY) ("Valley") and Greater Community Bancorp
(Nasdaq: GFLS) ("Greater Community") jointly announced today that all
regulatory and shareholder approvals necessary to complete the previously
announced merger of Greater Community with and into Valley have been
received.
It is expected that the merger between Valley and Greater Community
will take place on July 1, 2008.
Valley 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 177 branches in 123 communities
serving 14 counties throughout northern and central New Jersey, Manhattan,
Brooklyn and Queens.
For more information about Valley National Bank and its products and
services, please visit http://www.valleynationalbank.com or call Customer Service
24/7 at 1-800-522-4100.
Greater Community is a bank holding company with approximately $967
million in assets. Its commercial banking subsidiary, Greater Community
Bank, has 16 full-service branch offices located in Bergen, Morris, and
Passaic Counties. Pursuant to the merger agreement, Greater Community Bank
will be merged with and into Valley National Bank.
Cautionary Statement Concerning Forward-Looking Statements
The foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements are
not historical facts and include expressions about management's confidence
and strategies and management's expectations about acquisitions,
relationships and opportunities. These statements may be identified by such
forward-looking terminology as "expect" or similar statements or
variations. Such forward- looking statements involve certain risks and
uncertainties. Actual results may differ materially from such
forward-looking statements. Valley and Greater Community assume no
obligation for updating any such forward-looking statement at any time.
Factors that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, but are not
limited to, the following: failure to satisfy conditions to the merger on
the proposed terms and within the proposed timeframes; the inability to
realize expected cost savings and synergies from the merger of Greater
Community with Valley in the amounts or in the timeframe anticipated;
changes in the estimate of non-recurring charges; costs or difficulties
relating to integration matters might be greater than expected; material
adverse changes in Valley's or Greater Community's operations or earnings;
the inability to retain Greater Community's customers and employees; or a
decline in the economy in Valley's primary market areas, mainly in New
Jersey and New York.
SOURCE Valley National Bancorp
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Related links:
http://www.valleynationalbank.com
http://www.prnewswire.com/comp/141340.html /
CONTACT:
Dianne M. Grenz, First Senior Vice President,
Director of Marketing, Public & Shareholder Relations of Valley
National Bancorp, +1-973-305-4005; or Anthony M. Bruno, Jr.,
Chairman, President & CEO of Greater Community Bancorp,
+1-973-942-1111
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