Valley National Bancorp Sets Record and Payment Date for Common Stock Cash Dividend
WAYNE, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Valley National Bancorp (NYSE: VLY), the holding company for Valley National Bank, announced that a common stock cash dividend of $0.20 per share will be paid April 1, 2009 to shareholders of record on March 6, 2009.
Gerard H. Lipkin stated, "We are pleased to be able to continue our quarterly dividend in the same amount. Under the Capital Purchase Program Valley has participated in with the U.S. Government, Valley cannot raise the dividend without the consent of the Treasury. Under Bank Interagency Guidance, the Office of the Controller of the Currency has cautioned banks to look at the dividend payout ratio to insure that banks are able to lend to credit worthy borrowers. The Board of Directors makes decisions to pay dividends on a quarterly basis. The Board continued the dividend unchanged from the prior quarter but, consistent with its conservative philosophy, the Board is committed to examine and weigh relevant facts and considerations, including its commitment to shareholder value, each time it makes dividend decision in this environment."
Valley is a regional bank holding company, headquartered in Wayne, New Jersey, with over $14.7 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 195 branches in 132 communities serving 14 counties throughout northern and central New Jersey and Manhattan, Brooklyn and Queens. Valley is the largest commercial bank headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service 24 hours a day, 7 days a week.
For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call our local Customer Service Center 24/7 at 1-800-522-4100.
