Valley National Bancorp Completes Merger Of Greater Community Bancorp

Valley will issue approximately 8.7 million shares of common stock and 918 thousand warrants to purchase Valley common stock in the transaction. Each share of Greater Community common stock outstanding as of the merger date was converted into the right to receive 0.9975 of a share of Valley common stock and 0.105 of a warrant to purchase Valley common stock at $19.01 per share. The warrants are exercisable beginning July 1, 2010 and expire on June 30, 2015. Cash will be paid in lieu of fractional shares of both Valley common stock and warrants.

"We are looking forward to the benefits that are expected from integrating the two companies. The merger provides additional strengths to several aspects of our bank operations, including commercial, leasing, and retail operations," said Gerald H. Lipkin, Chairman, President & CEO of Valley.

"The combined organization will benefit from the anticipated better than normal cost saves through this in-market transaction and greater geographic coverage in the very competitive markets located within the northern New Jersey counties of Bergen, Passaic and Morris. In addition, the merger provides more resources to continue the expansion of the Valley brand and services which we expect will benefit our customer needs, and ultimately our shareholders," Lipkin added.

Greater Community Bank, Greater Community's subsidiary commercial bank with 16 full-service branches, was merged into Valley National Bank. Full systems integration is expected to be completed by the middle of the third quarter of 2008 and is anticipated to be a relatively seamless transition for all customers.

As a result of the merger, Valley, a regional bank holding company headquartered in Wayne, New Jersey, now has consolidated assets of nearly $14.0 billion and operates 193 branches in 131 communities serving 14 counties located in northern and central New Jersey, Manhattan, Brooklyn and Queens through its principal subsidiary, Valley National Bank. -- Valley National Bancorp