Valley National Bancorp Board of Directors Declares a Five Percent Stock Dividend
WAYNE, N.J., April 14 /PRNewswire-FirstCall/ -- Valley National Bancorp (NYSE: VLY) ("Valley")today reported that the Board of Directors approved a five percent stock dividend payable May 22, 2009, to shareholders of record on May 8, 2009.
Gerald H. Lipkin, Chairman, President and Chief Executive Officer of Valley National Bancorp noted that Valley has declared a stock dividend or stock split for 18 straight years, since 1992. In conjunction with the stock dividend, the Board of Directors reviews and makes its decision to declare cash dividends on a quarterly basis. Under the Capital Purchase Program Valley has participated in with the U.S. Government, Valley cannot raise the cash dividend, as adjusted, without the consent of the U.S. 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 continued the cash dividend unchanged during the first quarter of 2009 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 a cash dividend decision in this environment.
Valley National Bancorp is a regional bank holding company with $14.7 billion in assets, headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, currently operates 194 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.
