VA L L E Y
N AT I O N A L
B A N C O R P
2002
ANNUAL
REPORT
VALLEY NATIONAL BANCORP is a regional bank holding company with
over $9 billion in assets.
its principal subsidiary, is a super community bank that
operates 128 branch offices in 83 communities throughout 10 counties in
northern New Jersey and Manhattan.
HISTORICAL FINANCIAL DATA (1982-2002)*
(dollars in millions, except for share data)
Year
End
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
Total
Assets
$9,135
8,584
6,426
6,360
5,541
5,091
4,687
4,586
3,744
3,605
3,357
3,055
2,149
1,975
1,835
1,663
1,615
1,471
1,355
933
733
(1)
(2)
(3)
(4)
(5)
Net
Income
$154.6
135.2
106.8
106.3
97.3
85.0
67.5
62.6
59.0
56.4
43.4
31.7
28.6
36.0
34.2
32.1
29.6
24.2
17.5
14.8
9.8
Diluted
Earnings
Per Share
(6)
Return on
Average
Assets
Return on
Average
Equity
Dividends
Per Share
Stock Splits
and Dividends
$1.65
1.39
1.34
1.26
1.21
1.10
0.97
0.88
0.98
0.95
0.74
0.54
0.50
0.62
0.58
0.55
0.51
0.42
0.35
0.31
0.22
1.79%
1.68
1.72
1.75
1.82
1.67
1.47
1.40
1.60
1.62
1.36
1.29
1.44
1.92
2.00
2.02
1.99
1.73
1.64
1.82
1.53
23.59%
19.70
20.28
18.35
18.47
18.88
17.23
16.60
20.03
21.42
19.17
15.40
14.54
19.93
20.96
22.95
24.90
23.76
24.84
27.49
23.83
$0.89
0.83
0.78
0.74
0.68
0.58
0.53
0.50
0.48
0.38
0.34
0.32
0.32
0.30
0.27
0.26
0.22
0.18
0.12
0.09
0.08
5/02 – 5:4 Stock Split
5/01 – 5% Stock Dividend
5/00 – 5% Stock Dividend
5/99 – 5% Stock Dividend
5/98 – 5:4 Stock Split
5/97 – 5% Stock Dividend
5/96 – 5% Stock Dividend
5/95 – 5% Stock Dividend
5/94 – 10% Stock Dividend
4/93 – 5:4 Stock Split
4/92 – 3:2 Stock Split
7/88 – 3:2 Stock Split
5/86 – 3:2 Stock Split
2/85 – 2:1 Stock Split
5/83 – 2:1 Stock Split
4/82 – 5% Stock Dividend
All per share amounts have been adjusted retroactively for stock splits and stock dividends during the periods presented.
(1) After the one-time charge, net of tax, of $7.0 million, or $0.07 per diluted share recorded in connection with the Merchants New York Bancorp, Inc. merger.
(2) After the one-time charge, net of tax, of $2.2 million, or $0.02 per diluted share recorded in connection with the Ramapo Financial Corp merger.
(3) After the one-time charge, net of tax, of $3.2 million, or $0.04 per diluted share recorded in connection with the Wayne Bancorp merger.
(4) After a one-time FDIC SAIF assessment, net of tax, of $3.8 million, or $0.05 per diluted share.
(5) After the one time charge, net of tax, of $5.4 million, or $0.06 per diluted share recorded in connection with the Lakeland First Financial Group merger.
(6) Beginning in 1997 earnings per share are presented on a diluted basis.
* Data for years prior to 2001 exclude Merchants New York Bancorp, Inc.; for years prior to 1999 exclude Ramapo Financial Corp; for years prior to 1998
exclude Wayne Bancorp Inc.; for years prior to 1997 exclude Midland Bancorp, Inc., and for years prior to 1995 exclude Lakeland First Financial Group, Inc.
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.1
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In 2002, our 75th anniversary year, Valley once again achieved
record earnings. For the year ended December 31, 2002,
Valley reported net income per diluted share of $1.65, up
19 percent from $1.39 in 2001. Net income for 2002 was
$154.6 million, compared with $135.2 million in 2001.
This performance placed Valley among the top-rated banks
in the country. Our return on average assets for 2002 was
1.79 percent, and our return on average equity was 23.59
percent. We maintained an efficiency ratio of 47.31. In
November, US Banker selected Valley as one of the nation’s
top five banks, citing our “high-quality service” and the fact
that “Valley National concentrates on perfecting the basics.”
Our 2002 results benefited from our ability to increase
loans by 8.1 percent to $5.76 billion, and to grow deposits
by 5.97 percent to $6.68 billion. Despite declining interest
rates throughout the year, we achieved a net interest margin
of 4.51 percent, compared with 4.45 percent in 2001. Our
residential mortgage business flourished, as we capitalized on
a thriving real estate market in northern New Jersey, and the
trend for many homeowners to refinance their mortgages to
secure lower rates.
During this past year we expanded our auto dealer lending
program to include dealers operating in southern New
Jersey, eastern Pennsylvania and lower New York State. Our
commercial lending business also made healthy gains, as the
economy in the metropolitan area out performed most other
regions of the country. Valley Commercial Capital, LLC,
which provides general aviation financing and commercial
equipment leases, also turned in a strong performance in
2002, as its clients took advantage of the low-interest-rate
environment.
MAINTAINING ASSET QUALITY
Consistently strong financial performance and sound asset
quality have been the hallmark of Valley National Bank.
Non-performing assets were 0.37 percent of total loans at
year-end 2002, while net charge-offs totaled $13.4 million,
for 0.23 percent of total loans. We believe our procedures for
evaluating loan applications helped us to maintain these low
ratios despite challenging conditions for many borrowers.
SERVING CUSTOMERS AND COMMUNITIES
Eighteen months ago, Valley created the Kids First Savings
Club® account, which actively encourages children under 18
to save. More than 30,000 Kids First Savings Club® accounts
have been opened since their introduction, thanks in part to
an animated television advertising campaign featuring the
Valley Cartoon Kids, Val and Lee. By attracting children,
and their parents to our branches, the Kids First Savings
Club® accounts are providing an opportunity for Valley to
offer additional services to new and existing households.
To better serve our customers, we continue to introduce
new and innovative technologies. Valley is currently installing
the Zeus™ System, which will enable our staff to respond
quickly to customer inquiries, perform transactions and
suggest appropriate products or services.
Valley is in the early stages of a check imaging initiative,
which will accelerate our processing of more than 5 million
checks per month. Eventually, we will use this technology
to provide our customers with check images through various
channels; in person, online, by fax and by mail.
Valley continues to emphasize activities that benefit our
communities. Through programs encouraged under the
Community Reinvestment Act, we focus on helping to create
affordable housing, provide community services targeted to
low and moderate-income individuals and families, economic
development, and community revitalization. We also encourage
and support our employees’ involvement in our communities.
During 2002, Valley employees volunteered with numerous
community organizations, often by serving on their committees
and actively participating on an administrative level.
ACHIEVING STRATEGIC GROWTH
We expanded our branch network again in 2002 by
capitalizing on the demographics and population density of
p.2
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
our northern New Jersey service territory. We opened new
de novo branches in Cedar Grove, Montvale and Hoboken,
bringing our total number of branches to 128, including
our 7 Merchants Division branches in Manhattan. In 2003,
we plan to open at least 7 more de novo branches, including
2 in Manhattan. In addition to establishing new branches in
strategic areas, we will continue to upgrade and improve our
existing branch facilities.
During 2002, we opened our first loan production office,
known as Valley Loan Center, in Purchase (Westchester County),
New York. Valley Loan Centers will enable us to offer
mortgages and other types of loans without the full expense
of a traditional branch location. We are planning additional
loan centers for Long Island, southern New Jersey, lower
New York State, and eastern Pennsylvania in 2003 and 2004.
We completed three acquisitions recently that strengthened
our fee-based services. The acquired companies are Masters
Coverage Corp., a general insurance agency, and NIA/Lawyers
Title Agency, together with Glen Rauch Securities, a Wall
Street brokerage firm specializing in municipal securities.
ENHANCING SHAREHOLDER VALUE
Valley continues to concentrate on advancing the interests of
our shareholders. In 2002, our Board of Directors voted to
separate our independent auditing and consulting functions
by appointing Ernst & Young LLP as independent accountants
in place of KPMG LLP, who will continue to provide financial
consulting services. We also announced that Valley would
expense the cost of all stock options beginning with options
granted and earnings reported for 2002.
Amid the many changes in the banking industry, Valley
remains focused on achieving the growth goals that will
enhance our shareholders’ investment. We are proceeding
aggressively but carefully to expand our service network.
We are committed to meeting or exceeding our customers’
expectations through superior service supported by enhanced
technology and with new product offerings.
We also expect to continue our stock repurchase program.
Since the program’s inception, we repurchased 8.3 million
of the 10 million shares authorized by the Board of Directors.
Our Board also declared a 5 for 4 stock split issued last May.
The year 2002 marked the 33rd time in the last 34 years that
Valley has increased its cash dividend.
On behalf of our directors, the Valley management team and
our valued employees, thank you for your continued support.
Gerald H. Lipkin
Chairman of the Board, President & CEO
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
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Spencer B.Witty
Vice Chairman
Peter Crocitto
Executive Vice President
Alan D. Eskow
Executive Vice President & CFO
James G. Lawrence
Executive Vice President
Robert M. Meyer
Executive Vice President
Peter John Southway
Executive Vice President
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at Valley is to provide superior banking
services in a prompt, accurate and courteous manner.
p.4
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
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from top of the stairs
left to right...
Andrew B. Abramson
President and Chief Executive Officer
The Value Group, Inc.
Gerald Korde
President
Birch Lumber Company, Inc.
Walter H. Jones III, Esq.
Retired
Charles J. Baum
President
Baum Bros. Imports, Inc.
Barnett Rukin
Chief Executive Officer
SLX Capital Management
Richard F. Tice
Retired
Leonard J.Vorcheimer
Principal
LJV Enterprises
Spencer B.Witty
Vice Chairman
Robert Rachesky
Private Investor
Gerald H. Lipkin
Chairman of the Board,
President & CEO
Robert E. McEntee
Management Consultant
Richard S. Miller, Esq.
Managing Partner
Williams, Caliri, Miller,
Otley & Stern
Pamela Bronander
Vice President
KMC Mechanical Inc.
Robinson Markel, Esq.
KMZ Rosenman
Wilma Falduto
Assistant Secretary
Peter Southway
Retired
Graham O. Jones, Esq.
Partner
Jones & Jones, Esqs.
Joseph Coccia, Jr.
Private Investor
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.5
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Sussex
Passaic
Warren
I-80
Bergen
Morris
I-287
Essex
Manhattan
Hudson
I-78
Somerset
Union
Hunterdon
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Middlesex
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Valley National Bank is a super community bank with 128 branches
located in 83 communities in northern New Jersey and Manhattan.
Mercer
Monmouth
Existing Locations – 128
Under Construction – 7
Future Locations – 38
I-195
p.6
Burlington
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
Ocean
Valley National Bank Branch Locations
NEW JERSEY
BERGEN COUNTY
Bogota
325 Palisade Avenue
Elmwood Park
80 Broadway
Englewood
80 West Street
41-43 Palisade Avenue
Fair Lawn
31-00 Broadway
20-24 Fair Lawn Avenue
139 Lincoln Avenue
Fort Lee
2180 Lemoine Avenue
2160 Lemoine Avenue
1372 Palisade Avenue
Hackensack
3 University Plaza
Hillsdale
24 Broadway
Ho-Ho-Kus
18 Sycamore Avenue
Lodi
147 Main Street
Lyndhurst
456 Valley Brook Avenue
Midland Park
207 Franklin Avenue
Montvale
24 South Kinderkamack Road
Moonachie
Moonachie Road &
East Joseph Street
New Milford
243 Main Street
North Arlington
629 Ridge Road
Northvale
151 Paris Avenue
Oakland
350 Ramapo Valley Road
Oradell
350 Kinderkamack Road
Paramus
Bergen Mall,
Route 4 & Forest Avenue
80 East Ridgewood Avenue
East 58 Midland Avenue
Ridgefield
868 Broad Avenue
Ridgewood
44 Godwin Avenue
103 Franklin Avenue
Rochelle Park
405 Rochelle Avenue
Tenafly
85 County Road
Waldwick
67 Franklin Turnpike
Wyckoff
356 Franklin Avenue
ESSEX COUNTY
Belleville
22 Bloomfield Avenue
381 Franklin Avenue
237 Washington Avenue
Bloomfield
548 Broad Street
1422 Broad Street
Cedar Grove
491 Pompton Avenue
Fairfield
167 Fairfield Road
One Passaic Avenue
Livingston
73 South Livingston Avenue
531 South Livingston Avenue
Maplewood
142 Maplewood Avenue
740 Irvington Avenue
Newark
167 Bloomfield Avenue
Ferry Plaza Shopping Center,
289 Ferry Street
784 Mount Prospect Avenue
North Caldwell
9 Bloomfield Avenue
Nutley
371 Franklin Avenue
171 River Road &
Park Avenue
West Caldwell
1059 Bloomfield Avenue
HUDSON COUNTY
Bayonne
522 Broadway &
East 24th Street
Ramsey
10 South Franklin Turnpike
East Newark
710 North 4th Street
Harrison
433 Harrison Avenue
Hoboken
305 River Street
Kearny
100 Central Avenue, Bldg 40
256 Kearny Avenue
72-80 Midland Avenue
North Bergen
8901 Kennedy Boulevard
Secaucus
40 Meadowlands Parkway
54 Mill Creek Mall
West New York
5712 Bergenline Avenue
MIDDLESEX COUNTY
South Plainfield
100 Durham Avenue
MORRIS COUNTY
Budd Lake
202 Route 46 &
Mt. Olive Road
342 Route 46 West
Butler
Meadtown Shopping Center,
Route 23 South
Chatham
375 Main Avenue
Chester
151 Route 206
Dover
100 E. Blackwell Street
East Hanover
Route 10 West &
Murray Road
Jefferson Township
715 Route 15 South
Landing
115 Center Street
Mine Hill
271-273 Route 46
Morris Plains
51 Gibraltar Drive
Morristown
10 Madison Avenue
PASSAIC COUNTY
Clifton
6 Main Avenue
505 Allwood Road
925 Allwood Road
1006 Route 46
Little Falls
171 Browertown Road
North Haledon
5 Sicomac Road
475 High Mountain Road
Passaic
211 Main Avenue
615 Main Avenue
128 Market Street
545 Paulison Avenue
506 Van Houten Avenue
Pompton Lakes
516 Wanaque Avenue
Wayne
1501 Hamburg Turnpike
64 Mountain View Boulevard
1504 Route 23 North
1445 Route 23 South
1200 Preakness Avenue
1400 Valley Road
200 Black Oak Ridge Road
1445 Valley Road
1345 Willowbrook Mall,
Main Mall Entrance
SOMERSET COUNTY
Green Brook
302-306 Route 22 West
North Plainfield
1334 Route 22
672-6 Somerset Street
SUSSEX COUNTY
Branchville
Branchville Square
Franklin
288 Route 23
Fredon
410 Route 94 at
Willows Road
Sparta
7 Woodport Road
Parsippany
Arlington Plaza, 800 Route 46
120 Baldwin Road
Riverdale
72 Hamburg Turnpike
Succasunna
250 Route 10
Tranquility
Route 517 & Kennedy Road
Vernon
Vernon Plaza, 538 Route 515
UNION COUNTY
Clark
76 Central Avenue
Mountainside
882 Mountain Avenue
Roselle Park
1 West Westfield Avenue
Scotch Plains
1922 Westfield Avenue
Union
2784 Morris Avenue
Westfield
801 Central Avenue
WARREN COUNTY
Belvidere
Route 46 at Route 519
Blairstown
128 Route 94
Hackettstown
105 Mill Street
NEW YORK
MANHATTAN COUNTY
Midtown
5th Avenue
295 Fifth Avenue
6th Avenue
1040 Sixth Avenue
Broadway
434 Broadway
Chelsea
145 Fifth Avenue
Midtown
62 W. 47th Street
Downtown
Canal
93 Canal Street
Madison
275 Madison Avenue
Valley National Bank
Telephone Banking Center
1-800-522-4100
Website Addresses
valleynationalbank.com
vnbkids.com
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.7
Alfred Sorrentino, First Vice President of Valley, right,
assisted a real estate development company with
financing for a shopping center.
Joseph J. Nicolosi, left, First Vice President of Valley’s
Merchants Bank Division, helped a fish distribution
company meet its borrowing requirements.
Denise Neri,Vice President of Valley,
assisted a petroleum company with its
needs for working capital.
p.8
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
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When a business requires capital, it needs a
source it can turn to in good times and bad.
Kermit R. Dyke
First Senior Vice President
Borrowers today must know that their lenders are committed to serving
the market. Despite uncertain economic times, Valley has maintained
a consistent commercial lending presence with its customers in New Jersey
and Manhattan.
Robert E. Farrell
First Senior Vice President
I N 2002, VA L L E Y C O N T I N U E D TO B E A R E L I A B L E S O U R C E O F C O M M E R C I A L
lending to small and middle market borrowers. Our business lending offerings include
commercial loans, lines of credit, asset based loans, commercial mortgages, commercial
construction loans and Small Business Administration loans. In addition, our Valley
Commercial Capital, LLC subsidiary provides funds for general aviation financing and
commercial equipment leasing.
Commercial lending at Valley achieved healthy growth during 2002, aided by strong
commercial real estate and residential construction markets. Most of the businesses we
lend to in our primary New Jersey and metropolitan New York markets remain healthy
despite the economic downturn and continue to require funds for working capital and
expansion.
Our emphasis on personalized, one-on-one banking has stood us in good stead during
this period. Businesses know we are available to meet their needs for funds regardless of
the economic climate. They also know they have direct access to everyone at Valley,
from account officers to the bank Chairman.
Richard P. Garber
First Senior Vice President
John H. Prol
First Senior Vice President
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
Gerald Attanasio
Senior Vice President
p.9
“Our emphasis on personalized,
one-on-one banking has stood us
in good stead, during this period.
Businesses know we are available to
meet their needs for funds regardless
of the economic climate.”
Valley provides financing to nearly every type of business from an industrial equipment
supplier who wanted to expand production, to a producer of collateral marketing
material who needed to upgrade its capital equipment, to a group of physicians who were
forming a medical practice and wanted to install state-of-the-art diagnostic equipment.
As a result of the growth of our loan portfolio, we have expanded our cadre of experienced
loan officers and support staff to maintain the same high level of customer service and
timely loan response our customers have been accustomed to.
Despite unsettling economic conditions in 2002, Valley’s credit culture remained strong.
Non-performing assets at year-end were 0.37 percent of total loans and net charge-offs
totaled $13.4 million, or 0.23 percent of total loans.
In 2003, we will continue to expand our commercial lending activities by broadening
our relationships with legal, accounting and other professional service firms who are in
a position to recommend a strong, customer-focused lending institution to their clients.
This twin engine aircraft is one
of the many types of aircraft for which
Valley Commercial Capital, LLC
provides financing.
Walter M. Horsting
President of Valley Commercial
Capital, LLC
Dorthy Kahlau
Senior Vice President
Leonard S. Levine
Senior Vice President
John J. Murphy
Senior Vice President
Kenneth W. Nickel
Senior Vice President
Irwin Schwartz President of
Merchants New York Commercial Corp.
p.10
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
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Dedicated personal service is an attribute
that distinguishes Valley from many other
banks.
On-line banking, ATMs, paperless transactions. All are becoming
increasingly important to the way we conduct our business today.
Amid all this technology, how do you retain the personal touch ?
AT VA L L E Y, W E K N OW T H E R E I S N O S U B S T I T U T E F O R A B A N K B R A N C H
staffed with qualified, experienced people who are focused on meeting a customer’s
needs. Individualized personal service is at the heart of the way we do business in all of
our branches in New Jersey and Manhattan.
In 2002, maintaining and enhancing our service to customers was the focus of Valley’s
retail banking agenda. We achieved major success during the year by providing our branch
managers with a training program focused on sales management techniques. It was
designed both to serve our customers better and to concentrate our business development
efforts on key customers and prospects who offer high growth potential. The results were
impressive with improvement in service quality and outside calling efforts, resulting in
additional referrals and business. The program is continuing in 2003.
Valley’s tellers – often our customers’ first and most frequent point of contact – are a
key factor in enhancing customer service. In 2002, we implemented a new customer
relations program for tellers called “Back to Basics.” Our tellers now wear smart blue
vests bearing the Valley insignia. The vests present a sharp, businesslike appearance and
reinforce our tellers’ pride and motivation.
Our new Zeus™ customer relationship management program, now in implementation,
is aimed at bringing increased value to customer interactions. Zeus will enable our branch
and customer service personnel to serve our customers better. Based on messages that
appear on their screens, our staff will be able to recommend the right product or service
to meet each customer’s specific needs.
Lawrence E. Flack
Senior Vice President
Barbara Mohrbutter
Senior Vice President
Bernadette M. Mueller
Senior Vice President
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
Andrea Onorato
Senior Vice President
p.11
Valley tellers receive thorough instruction
from trainers such as, from left to right:
Sabine Salvatore, Assistant Cashier; Melissa
Bradley, Human Resources Administrator;
Diane McCann, Assistant Vice President;
and Kimberley Reimers,Teller Trainer.
The Valley V-Coin Works machine
is one of the many ways in which
Valley makes it fun to save through the
popular Kids First Savings Club®
Accounts.
Conducting a Valley Job Fair to attract
capable employees for our retail branch
network are, from left to right, Holly
Emolo, Assistant Vice President; Jennifer
Parmenter, Assistant Vice President;
Stephanie Flank,Vice President; Anthony
Manna, Assistant Cashier; and Laura
Showers, Assistant Cashier.
p.12
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
“Our new Zeus™Program is aimed
at bringing increased value to customer
interactions. Zeus will enable branch
and customer service personnel to serve
our customers better.”
Valley also installed SER Synergy™, our new optical retrieval system, to cut costs while
reducing paper reports in our branches and providing better access to information. Valley’s
online banking services will also make important strides in 2003 with the introduction of
upgraded systems for both individual and business customers.
Expanding our retail network was a priority in 2002. We added branches in Cedar
Grove, Hoboken and Montvale and are upgrading and improving several existing branches,
including major renovations at our seven Manhattan branches. This year we plan to open
at least 7 more de novo branches, including 2 in Manhattan.
Valley’s Kids First Savings Club® Accounts have made a major impact on children and
parents in our service territory. Val and Lee, the Valley Cartoon characters, have brought
the Kids First Savings Club® story to youngsters through a series of television commercials
on Nickelodeon, Cartoon Network, Animal Planet and ABC Family. Bigger-than-life-sized
versions of Val and Lee also make appearances at Valley branches and before community
groups.
The number of our Kids First Savings Club®Accounts grew to more than 30,000
by year end. They are designed to help children learn to save by making the experience
fun. The accounts offer a competitive interest rate and Valley matches a child’s initial
deposit up to $10.
Carol B. Diesner
Senior Vice President
Human Resources Human
Resources
Susan S. Pinn
Senior Vice President
Educational Resources Human
Valley Cartoon
characters Val and Lee
are telling the
Kids First Savings Club®
story through
television
commercials and
in appearances
at branches and
community
events.
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.13
Valley processed a record number of
mortgage applications in 2002. From left to
right are: Cheryl Williams, Mortgage Closer;
Jessica Woo, Mortgage Marketing
Representative; Zin Wu, Senior Investor
Reporting Specialist; Judaisy Presiado,
Mortgage Processor; and Keyanna Williams,
Mortgage Underwriting Assistant.
Valley’s auto lending business expanded its
volume and geographic reach in 2002, led
by, left to right: Thomas Sparkes, Senior Vice
President;Wesley B. Livesy,Vice President; and
Richard M. Seguine, Senior Vice President.
Valley’s Customer Service Center staff
fields every imaginable type of customer inquiry,
providing detailed information about our range
of products and services. Left to right front:
Edith Anderson, CSR; Leslie A. Smid, Assistant Vice
President; and Jeffrey S. Kramer, First Vice President
Left to right back: Lois Eddeh, CSR;
Chun Ng, CSR; and Ethel Rogers, CSR.
p.14
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
VÉÇáâÅxÜ _xÇw|Çz
Consumers in today’s changing economy
require new solutions to achieve their
financial goals.
Most people’s financial circumstances are quite different from 5 or 10 years
ago. Valley’s mission in this changing climate is to help consumers find the
best means to realize their financial objectives.
A S C O N S U M E R S ’ C I R C U M S TA N C E S C H A N G E D A L O N G W I T H S H I F T I N G
economic conditions in 2002, Valley assisted them in steering the most advantageous
financial course. Many Valley customers found themselves with investments reduced in
value, a significant appreciation in equity in their homes, and the opportunity to take
advantage of historically low interest rates. For many prospective homebuyers in particular,
continuing increases in real estate values prompted them to act sooner rather than later in
making and financing their purchasing decisions.
As a result,Valley assisted a record number of customers with mortgages for home purchases,
mortgage refinancings and home equity loans. This surge in demand resulted in a threefold
increase in mortgage applications. Nevertheless, we were able to respond to this increased
volume with a new automated processing system and a dedicated effort by our staff.
During 2002, Valley opened its first loan production office in Purchase, New York, a
prototype for more such offices to come. These offices will enable us to offer mortgages
and other loan products in strategic areas where we currently do not have a branch location.
Additional loan production offices are planned for 2003 and 2004.
We also provided a substantially increased number of consumers with auto loans in 2002
as a result of our expansion of indirect lending through auto dealers in New Jersey, New
York and Pennsylvania. In 2003, we plan to extend our geographical base for auto loans
further into southern New Jersey, eastern Pennsylvania and lower New York State.
Albert L. Engel
First Senior Vice President
Elizabeth DeLaney
Senior Vice President
Thomas Sparkes
Senior Vice President
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.15
Glen Rauch is President and CEO
of Glen Rauch Securities, Inc., a Wall Street
brokerage firm specializing in municipal
securities. Glen Rauch Securities offers our
customers yet another way of meeting their
non-traditional banking needs.
Masters Coverage Corp., acquired in 2002,
provides consumer and commercial insurance
coverage for customers in New York and
New Jersey. Shown are, from left to right:
Saul J. Friedland, Executive Vice President;
Arthur A. Schwartz, Executive Vice President;
and Michael Daniels, President.
Kathleen M. Buske, Director of Investment
Strategy, meets with a Financial Services
Customer to learn his unique investment
needs and to recommend the services that
will best satisfy them.
p.16
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
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Offering a strong selection of financial
services can only strengthen a customer
relationship.
When a Valley customer requires investment assistance or has other non-
traditional banking needs, it’s good to know that the bank he or she trusts
can provide the most effective resources. At Valley, a customer can quickly
be put in contact with experts who can satisfy their particular requirements.
VA L L E Y E X PA N D E D T H E A R R AY O F F I N A N C I A L S E RV I C E S O F F E R E D T O O U R
customers, making Valley a place to satisfy all of their financial needs. We augmented our
services for individuals desiring financial management assistance through the acquisition of
Glen Rauch Securities, Inc., a Wall Street brokerage firm specializing in municipal securities.
Glen Rauch complements the asset management services we offer through our Hallmark
Capital Management, Inc. and New Century Asset Management Corporation subsidiaries.
In the insurance area, we acquired Masters Coverage Corp., an independent, all-lines
insurance agency. Masters Coverage, with offices in New York City and in Spring Valley,
New York, offers more than 100 insurance products that provide consumer and commercial
coverage for customers throughout New York and New Jersey.
We also expanded our title insurance business through the acquisition of NIA/Lawyers
Title Agency, LLC. With three offices in New Jersey, NIA Lawyers provides first-class
service to home buyers in New Jersey and surrounding states. NIA Lawyers joins Valley’s
Commonwealth All Services Title Agency, acquired in 1999.
Valley now offers a full menu of financial services to meet our customers’ varied needs and
a platform for further growth in fee-based income in 2003.
Robert J. Mulligan
First Senior Vice President
Thomas D. Pearsall
Senior Vice President and Trust Officer
Robert C. Kleiber
President & CEO, New Century
Asset Management Corporation
Peter S. Hagerman
President & CEO
Hallmark Capital Management, Inc.
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
Joseph A. Perconti
President, Commonwealth All
Service Title Agency
p.17
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Frank Cosentino
Vice President
James Fitzgerald
Vice President
The Corporate and Government Services Department
showcased its product offerings at the 2002 New Jersey State
League of Municipalities Annual Conference.
VA L L E Y’ S C O R P O R AT E A N D G OV E R N M E N T S E RV I C E S D E PA RT M E N T P ROV I D E S
our commercial, not-for-profit and government banking clients with effective, cost-efficient
cash management tools. Service offerings include Lockbox and Remittance Processing,
Zero Balance Accounts, Funds Concentration, Controlled Disbursements, Payroll Direct
Deposit and Account Reconcilement.
Corporate and Government Services aggressively expanded its scope of operations in 2002
by conducting several new business initiatives, including participation in six government
banking conferences. In 2003, Corporate and Government Services will introduce VNB
Connect Plus, a new Internet-based, state-of-the-art treasury workstation. This service
will enable our clients to obtain all of their banking information and maximize their cash
positions without ever having to leave their offices.
p.18
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
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VA L L E Y’ S I N V E S T M E N T AC T I V I T I E S A R E D E S I G N E D T O P ROV I D E L I Q U I D I T Y
and an attractive yield to support the bank’s needs. Employing sophisticated financial
modeling software, our Investment specialists focus on such goals as capital appreciation,
cash flow and sound credit standards.
In 2002, our investment team achieved its objectives in an uncertain economy and interest
rates that reached their lowest levels since the early 1960’s. Through our investment activities,
Valley also continues to support local municipalities by bidding on and purchasing securities
that meet their short-term financing needs. These and other programs ensure that Valley is
a committed financial partner in all of the communities it serves.
Eric W. Gould
First Senior Vice President
Jack M. Blackin
Senior Vice President
Linda M. Bucey, First Vice President and a member
of Valley’s Investment team, uses sophisticated financial
modeling software to help secure suitable levels of risk
and return for Valley’s investments.
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.19
Valley provides financial support and
advisory assistance to the Asian Americans
for Equality in New York City.
Karen Hackes, Vice President and Senior Trainer,
stands before a house she helped build as a volunteer
for the Corporate Challenge event organized by the
Paterson, New Jersey affiliate of Habitat for Humanity.
Hedda Lans, right,Vice President and Manager of
Valley’s Passaic Park Branch, is treasurer of the
Passaic Urban Enterprise Zone, which provides
merchants with special low-cost funding for such
improvements as awnings to spur economic activity
in downtown Passaic.
p.20
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
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In the communities it serves, Valley has
always been much more than a company
that provides banking services.
Valley’s service to its New Jersey communities and Manhattan grows out
of our natural connection with the people and institutions in each locality.
We consider it our fundamental responsibility to support deserving causes
and organizations wherever we do business.
Garret G. Nieuwenhuis
First Senior Vice President
I N 2002, VA L L E Y AG A I N M A D E G O O D O N I T S C O M M I T M E N T T O F O S T E R A
better quality of life in the communities it serves.
In addition to supporting multiple community organizations with generous funds and
services, we also made significant community development investments. Among these
was a $500,000 investment in the New Jersey Community Loan Fund, which will provide
funds for projects benefiting low- and moderate-income individuals, families and
communities. We also invested $500,000 in the Sustained Excellence Alliance Corporation,
which will furnish creative and flexible financing for affordable housing in Manhattan.
Employee volunteerism continued to be strong in 2002. In addition to the contributions
of Valley employees who regularly serve on the boards of local organizations, Valley employees
also embraced such events as the Corporate Challenges conducted by both the Paterson
and Bergen County affiliates of Habitat for Humanity. Valley supported the employees
hard physical work with financial support for the construction materials. Each of our
bank branches was also challenged in 2002 to be engaged in various programs and events
that benefited its local community and reinforced local relationships.
Valley’s efforts in 2002 once again gained us recognition as a leader among New Jersey
banks in working for the betterment of our communities. During 2002, the American
Lung Association and the American Red Cross Metro Chapter honored Valley for its
corporate leadership in the community.
Valley’s concern for our stockholders and customers is matched only by our concern for
the communities we serve. It is this balance of purpose and commitment that defines
Valley National Bank.
Stephen P. Davey
Senior Vice President
Nancy Hecker
Vice President
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
Michael Fields
Vice President
p.21
VA L L E Y N A T I O N A L B A N C O R P and Subsidiaries
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)
Assets
Cash and due from banks
Investment securities held to maturity, fair value of $597,480 and
$476,872 in 2002 and 2001, respectively
Investment securities available for sale
Loans
Loans held for sale
Total loans
Less: Allowance for loan losses
Net loans
Premises and equipment, net
Accrued interest receivable
Bank owned life insurance
Other assets
Total assets
Liabilities
Deposits:
Non-interest bearing
Interest bearing:
Savings
Time
Total deposits
Short-term borrowings
Long-term debt
Accrued expenses and other liabilities
Total liabilities
Company – obligated mandatorily redeemable preferred capital
securities of a subsidiary trust holding solely junior subordinated
debentures of the Company
Commitments and contingencies
Shareholders’ Equity
Preferred stock, no par value, authorized 30,000,000 shares;
none issued
Common stock, no par value, authorized 142,442,138 shares;
issued 94,292,411 shares in 2002 and 97,753,698 shares in 2001
Surplus
Retained earnings
Unallocated common stock held by employee benefit plan
Accumulated other comprehensive income
Treasury stock, at cost (3,769,046 shares in 2002 and 2,169,121
shares in 2001)
Total shareholders’ equity
December 31,
2002
December 31,
2001
$ 243,923
$ 311,850
590,892
2,140,366
5,703,536
58,952
5,762,488
(64,087)
5,698,401
113,755
41,591
158,832
146,914
503,061
2,171,695
5,275,582
56,225
5,331,807
(63,803)
5,268,004
94,178
42,184
102,120
90,673
$ 9,134,674
$ 8,583,765
$ 1,569,921
$ 1,446,021
2,942,763
2,170,703
6,683,387
378,433
1,119,642
121,474
8,302,936
200,000
—
33,332
318,964
338,770
(435)
41,319
731,950
(100,212)
631,738
2,448,335
2,412,618
6,306,974
304,262
975,728
118,426
7,705,390
200,000
—
33,310
406,608
270,730
(602)
19,638
729,684
(51,309)
678,375
Total liabilities and shareholders’ equity
$ 9,134,674
$ 8,583,765
See the consolidated financial statements and accompanying notes presented in Item 8 of the Company’s SEC Form 10-K.
p.22
VA L L E Y N A T I O N A L B A N C O R P and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for share data)
Interest Income
Interest and fees on loans
Interest and dividends on investment securities:
Taxable
Tax-exempt
Dividends
Interest on federal funds sold and other short-term investments
Total interest income
Interest Expense
Interest on deposits:
Savings deposits
Time deposits
Interest on short-term borrowings
Interest on long-term debt
Total interest expense
Net Interest Income
Provision for loan losses
Net Interest Income after Provision for Loan Losses
Non-Interest Income
Trust and investment services
Service charges on deposit accounts
Gains on securities transactions, net
Fees from loan servicing
Credit card fee income
Gains on sales of loans, net
Bank owned life insurance
Other
Total non-interest income
Non-Interest Expense
Salary expense
Employee benefit expense
FDIC insurance premiums
Net occupancy expense
Furniture and equipment expense
Credit card expense
Amortization of intangible assets
Advertising
Merger-related charges
Distributions on capital securities
Other
Total non-interest expense
Income Before Income Taxes
Income tax expense
Net Income
Earnings Per Share:
Basic
Diluted
Weighted Average Number of Shares Outstanding:
Basic
Diluted
2002
Years ended December 31,
2001
2000
$ 368,402
$ 398,893
$ 419,952
133,982
10,093
3,155
1,787
517,419
33,092
68,858
2,570
53,203
157,723
359,696
13,644
346,052
4,493
19,640
7,092
9,457
3,184
6,934
6,712
23,726
81,238
86,522
19,364
1,096
18,417
11,189
1,282
11,411
8,074
—
15,730
34,909
207,994
219,296
64,680
154,616
$
135,354
10,466
4,157
4,616
553,486
45,742
112,417
11,424
49,070
218,653
334,833
15,706
319,127
4,404
19,171
3,564
10,818
3,535
10,601
2,120
14,263
68,476
79,826
18,200
1,151
17,775
10,700
1,538
10,170
6,392
9,017
2,282
31,197
188,248
199,355
64,151
135,204
$
126,988
11,602
5,412
4,252
568,206
57,470
133,156
26,598
35,424
252,648
315,558
10,755
304,803
3,563
18,180
355
10,902
8,403
2,227
—
15,470
59,100
76,116
18,037
1,239
15,469
10,731
5,032
7,725
4,682
—
—
32,108
171,139
192,764
66,027
126,737
$
$ 1.66
1.65
$ 1.39
1.39
$ 1.29
1.28
93,126,550
93,673,408
97,033,475
97,548,330
98,266,160
99,044,463
See the consolidated financial statements and accompanying notes presented in Item 8 of the Company’s SEC Form 10-K.
p.23
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VALLEY NATIONAL BANCORP
VALLEY NATIONAL BANK
OFFICERS
Gerald H. Lipkin
Chairman of the Board, President
& Chief Executive Officer
Spencer B.Witty
Vice Chairman
Peter Crocitto
Executive Vice President
Alan D. Eskow
Executive Vice President
& Chief Financial Officer
James G. Lawrence
Executive Vice President
Robert M. Meyer
Executive Vice President
Peter John Southway
Executive Vice President
Jack M. Blackin
Senior Vice President
& Assistant Secretary
Wilma Falduto
Assistant Secretary
VALLEY NATIONAL BANCORP/
VALLEY NATIONAL BANK
BOARD OF DIRECTORS
Andrew B. Abramson
Charles J. Baum
Pamela R. Bronander
Joseph Coccia, Jr.
Graham O. Jones, Esq.
Walter H. Jones, III, Esq.
Gerald Korde
Gerald H. Lipkin
Robinson Markel, Esq.
Robert E. McEntee
Richard S. Miller, Esq.
Robert Rachesky
Barnett Rukin
Peter Southway
Richard F.Tice
Leonard J.Vorcheimer
Spencer B.Witty
OFFICERS
Gerald H. Lipkin
Chairman of the Board, President
& Chief Executive Officer
Spencer B.Witty
Vice Chairman
EXECUTIVE VICE PRESIDENTS
Peter Crocitto
James G. Lawrence
Robert M. Meyer
Peter John Southway
EXECUTIVE VICE PRESIDENT
& CHIEF FINANCIAL OFFICER
Alan D. Eskow
FIRST SENIOR VICE PRESIDENTS
Kermit R. Dyke
Albert L. Engel
Robert E. Farrell
Richard P. Garber
Eric W. Gould
Robert J. Mulligan
Garret G. Nieuwenhuis
John H. Prol
SENIOR VICE PRESIDENTS
Michael D. Altman
Gerald H. Attanasio
Jack M. Blackin
Franklin Bollhorst
Rosemarie A. Calabro
Stephen P. Davey
Elizabeth E. DeLaney
Carol B. Diesner
Lawrence E. Flack
Wayne Fritsch
Peter T. Jackey
Dorothy J. Kahlau
Edward L. Lawrence
Leonard S. Levine
Barbara Mohrbutter
Bernadette M. Mueller
John J. Murphy
Kenneth W. Nickel
Andrea T. Onorato
Susan S. Pinn
Marianne Potito
Richard M. Seguine
Thomas Sparkes
SENIOR VICE PRESIDENT
& GENERAL COUNSEL
Lucinda P. Long
SENIOR VICE PRESIDENT
& TRUST OFFICER
Thomas D. Pearsall
FIRST VICE PRESIDENT
Robert L. Barrett
Laura Blackwell
Martin J. Carbotti
Gordon A. Casanova
Robert J. Chase
Linda M. Bucey
Christopher J. Coiley
Ralph Cuono
Joseph J. DeMona
Robert A. Ewing
Dianne M. Grenz
William J. Kamski
Jeffrey S. Kramer
Susan N. Milch
James K. Moore
Joseph J. Nicolosi
Peter Pellegrino
Robert B. Rose
Harry A. Rosen
Bruce Rossi
Kenneth Satchwill
Sandra L. Seville
John Siberio, Jr.
Robert F. Sierchio
Alfred Sorrentino, Jr.
Robert Stanton
Joseph A.Telinbacco
Brian Tish
Robert C.Vliet
John S.Woodbury
Maureen J. Zegler
FIRST VICE PRESIDENT
& CONTROLLER
Christine Mozer-Baldyga
COMMONWEALTH ALL SERVICE
TITLE AGENCY
Joseph A. Perconti
President & Chief Executive Officer
GLEN RAUCH SECURITIES, INC.
Glen R. Rauch
President
HALLMARK CAPITAL
MANAGEMENT, INC.
Peter S. Hagerman
President & Chief Executive Officer
MASTERS COVERAGE CORP.
Michael Daniels
President
Saul J. Friedland
Executive Vice President
Arthur A. Schwartz
Executive Vice President
MERCHANTS NEW YORK
COMMERCIAL CORP.
Irwin Schwartz
President
NEW CENTURY ASSET
MANAGEMENT CORPORATION
Robert C. Kleiber
President & Chief Executive Officer
NIA/LAWYERS TITLE AGENCY,
LLC
Louis C. Meyer, Jr.,
Executive Vice President
VALLEY COMMERCIAL CAPITAL,
LLC
Walter M. Horsting
President
p.24
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
Twä|áÉÜç UÉtÜwá
AUTO DEALER
ADVISORY BOARD
David R. Porter
Bell Imports Ltd.
Charles Infusino
Little Falls Shop-Rite, Inc.
EASTERN REGIONAL
ADVISORY BOARD
P. Russell Bodrato
All-Brands Auto Sales, Inc.
Robert X. Robertazzi
Liberty Lincoln-Mercury, Inc.
Irwin Burack
Burack Chevrolet-Oldsmobile,
Inc.
Steven K. Cooper
Jack Trebour Ford Suzuki
James A. Salerno
Jim Salerno Pontiac Buick GMC
Robert A. Senior
Three County Volkswagen
Corporation
Edna Kanter
Passaic-Clifton Driv-Ur-Self
System, Inc.
Carmen B. Alecci
Saint Barnabas Health Care
Systems
Jack Kaplowitz
Birch Lumber Company
JoAnn Andriola
Book Chevrolet Buick, Inc.
Carolyn Kessler
Kessler Industries, Inc.
Gary D. Bennett, Esq.
Koch, Koch & Bennett
Sanford Dorf
D & C Chevrolet Company
Peter A. Spina
Wayne Motors, Inc.
Marc J. Lenner
Lester M. Entin Associates
Gilbert Buchalter
Pharmaceutical Innovations, Inc.
Gary M.Tursi
Gearhart Chevrolet, Inc.
Donald Lesser
Pine Lesser & Sons
Thomas Cifelli
Cifelli Associates
Lawrence T. Fette
Fette Imports, Inc.
Kenneth Gensinger
Gensinger Motors
Nicholas Hagedoorn
Borough Jeep/Eagle
Chrysler/Plymouth, Inc.
Leonard Haiken
Prestige Imports, Inc.
Lee M. Horner
Wyman Ford, Inc.
Sanford Kalb
Retired
Stuart Lasser
Saturn of Denville/
Morristown/Livingston
Gerald A. Lustig
Acura of Denville
Samuel A. Magarino
Magarino Ford-Mercury
John S. Merriam
Gearhart Enterprises, Inc.
Bruce Wainwright
Butler Chrysler Plymouth
Jeep, Inc.
CENTRAL REGIONAL
ADVISORY BOARD
George Bean
The George Bean Co.
Grace Bielefeldt
Bee Paper Company, Inc.
Milton Brown
Accountant
Melvin Cohen
Handi-Hut, Inc.
Morris Diamond
The Diamond Agency
Dorothy Druian
Brookdale Shop-Rite, Inc.
Phil Forte
Sandy Hill Building Supply Co.
Eugene C. Meyers
Hawthorne Auto Sales Company
Fred J. Meyers
Preakness Chevrolet, Inc.
Frank Nappa
Wayne Auto Sales, Inc.
Dennis C. Oberle
Mahwah Sales & Service, Inc.
Stanley Lee Gottlieb
The Diamond Agency
Arthur S. Gurtman
Consultant
Joseph Guttilla
Chopper Express, Inc.
Mitchell Herman
Service Fabrics, Inc.
Lester F. Herrschaft
Albert A. Stier, Inc.
Robert Lieberman
All-Ways Advertising Company
John Coffey, Esq.
Attorney-at-Law
Anthony J. Marino
Century 21 Construction
Corporation
Anthony J. Mazzone
Innovation Data Processing, Inc.
John V. McGrane
McGrane Mortgage Company
Roy G. Meyer, Sr.
Elmwood Supply Company, Inc.
Jeffrey Moll
Passaic Beth Israel Hospital
Patrick Mucci, Jr.
Group Advisory, Inc.
Gabriel L. Papera
Allstate Can Corporation
George Poydinecz
Developer
Joshua Rabinowitz
The ADI Group
Vincent Riviello
KTI New Jersey Fibers, Inc.
Gerd Rohmert
Mayer Textiles Machine
Corporation
Neal Schuman
Arthur Schuman, Inc.
Elliott Taradash
Chelton Realty, Inc.
Francis Costenbader, Esq.
Attorney-at-Law
Charles Cumella
Fedco Steel Corporation
Andrew Fiore, Jr.
AWF Leasing Corporation
John E. Garippa, Esq.
Attorney-at-Law
Alan Golub
Modern Electric Co.
Peter A. Goodman
Goodman Sales Co., Inc.
Charles B. Hummel
Hummel Machine & Tool Co.
Robert Kuhl
J. Kuhl Metals, Inc.
Joseph LaScala
Bell Mill Construction Co., Inc.
Alan Lambiase
River Terminal Development Co.
Thomas J. Lazur
National Siding Corporation
John J. Martello
John J. Martello, Inc.
Thomas Martin
CP Test Services, Inc.
Joseph Melone
San Carlo Restaurant
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.25
Advisory Boards continued...
David Newton
Newrent, Inc.
Steven U. Leitner, Esq.
Attorney-at-Law
Bernard Dorfman, Esq.
Attorney-at-Law
Arthur M.Weis
Capintec, Inc.
Joseph Petito
Sunset Deli & Liquors
William Lerner
Imperial Parking Systems, Inc.
Harold Effron
Effron Realty Associates
Peter Pfaff
Pfaff Tool & Manufacturing, Inc.
Nathan Lubow
Consultant
Sara L. Mayes
Fashion Accessories Shippers
Association, Inc.
Leon Finver
Continental/Marmorstein Agency
Continental Agency of Florida, Inc.
Judith Greenberg
Heritage Management Co.
Licinio Silva
Silva & Silva, Inc.
Maria Silva
European Travel Agency
Pasquale P. Tremonte
Fulton Building Co., Inc.
Richard Tully
Kearny Shop Rite
William Van Ness
Van Ness Plastic Molding Co.
J. Scott Wright
Graphic Management, Inc.
NEW YORK REGIONAL
ADVISORY BOARD
Joseph Abergel
Jomark Textiles, Inc.
Stanley Blum
Blum & Fink, Inc.
Edward Blumenfeld
Blumenfeld Development
Group, Ltd.
Leonard Boxer, Esq.
Stroock Stroock & Lavan LLP
Jack Forgash
Tri-Realty Management
Corporation
Fredric H. Gould
Gould Investors
Sidney Gould
Bruckner Plumbing & Heating
Corporation
Rudolf H. Hertz
Consultant
Robert Israel
Kentshire Galleries, Ltd.
Peter Jakobson, Jr., Partner
Jakobson Properties, LLC
Alan Mirken
Aaron Publishing Group
Arthur Joseph
Krass-Joseph, Inc.
Mitchell J. Nelson, Esq.
Salans, Hertzfeld, Heilbrunn,
Christy & Viener
Joel I. Picket
Gotham Organization, Inc.
Harvey Ravner
Robert W. Landzettel
Lazon Paint & Wallpaper Co.
Burton Lerner
Tenavision, Inc.
Lawrence Levy, Esq.
Marcus & Levy
Suresh L. Sani
First Pioneer Properties
Stewart C. Libes
Consultant
Leonard Schlussel
Welbilt Equipment Corporation
Anthony F. Marangi
CDM 400 Enterprises
Charles I. Silberman
S. Parker Hardware
Manufacturing Corporation
Alvin Singer
Singer Nelson Charlmers
Marcia Toledano
John Usdan
Midwood Management
Corporation
NORTHERN REGIONAL
ADVISORY BOARD
Donald Aronson
Donald Aronson Consulting
Group
Stanley Berenzweig
Rag Shops, Inc.
Peter Damon Brown
Heather Hill Sportswear
Ralph A. Contini, CPA
Donald N. Dinallo
Terminal Construction
Corporation
John Nakashian
H.H. Nakashian & Sons
Kenneth Olsen
Glatt Air Techniques, Inc.
Hal Parnes
The Parnes Company
Richard Pearson
Fleet Equipment Co.
James R. Poole
Poole & Company
Audrey Rabinowitz
Plaza Research
David Rabinowitz
Plaza Research
Robert J. Shannon, Jr.
Administrator
Township of Wyckoff
Albert Skoglund
Hiller & Skoglund, Inc.
Marvin Van Dyk
Van Dyk Health Care, Inc.
Richard H.Weisinger, Esq.
Fischer,Weisinger, Caliguire
& Porter
SOUTHERN REGIONAL
ADVISORY BOARD
Alan Braunstein
Worldwide Wholesale Floor
Coverings, Inc.
Bernard Burkhoff
The Real Estate Investment
Group
Frederick L. Cohen
Cohen, Friedman, Dorman & Co.
William Cohen
Go-Lightly Candy Company
Anthony Costa
Restauranteur
Jack Felicio
Rhombus Software, Inc.
Gerald B. Green
Consultant
Steven R. Gross
Tyser Metro & Company
Kenneth Jayson
Jayson Oil Company
Herbert Lefkowitz
Consolidated Simon
Distributors, Inc.
Seymour Litwin
Prudential Pioneer Real Estate
Lawrence J. Massaro
Lordina Builders, Inc.
Cosimo Pedicini
CEPS Construction Co.
Tino Rosa
Rosa Agency, Inc.
Anthony Sa
Sa & Sons Construction
Company, Inc.
Theodore Schiller, Esq.
Schiller & Pittenger, P.C.
p.26
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report
Advisory Boards continued...
Marvin H. Strauss
Chairman-Newark Chapter
Service Corps of Retired
Executives (SCORE)
Sanford C.Vogel, Esq.
Vogel & Gast
WESTERN REGIONAL
ADVISORY BOARD
Edward F. Boscia
J.B.Ward & Sons, Inc.
Albert Burlando
Almetek Industries, Inc.
Steven Dickman
Dickman Business Brokers
Paul Dunajchuk
Roxbury Water Co.
Thomas D. Farkas
Herbert L. Farkas Company
Eugene Feyl
E-F Food Systems, Inc.
Alan Goldstein, Esq.
Nussbaum, Stein, Goldstein
& Bronstein
George Hagemeister
Consultant
Jackie Harrison
Center For Humanistic Change
Willard L. Hedden
Consultant
Robert A. Hopler
Stroud-Hopler, Inc.
Gilbert R. Jacobs
JA-BAR Silicone Corporation
Joel A. Kobert, Esq.
Courter, Kobert, Laufer & Cohen
Joseph Kubert
The Joe Kubert School of
Cartoon & Graphic Art, Inc.
James Luke
Grove Associates
David Madden
Pemaquid Underwriting
Brokerage, Inc.
William H. McNear
McNear Excavating, Inc.
Robert J.Topchik
Consultant
Richard Ullman
National Vision Administrators
LLC
Salvatore Valente
Bildisco Manufacturing Co., Inc.
COMMUNITY CRA
ADVISORY COMMITTEE
John Atlas, Esq.
Passaic County Legal Aid Society
Barbara Dunn
Paterson Habitat For Humanity
John Griffith
Public Service Electric & Gas
Company
Christopher Kui, Executive
Director
Asian Americans for Equality
Joseph Masciandaro
Care Plus NJ, Inc.
Rev. Earl Modean
Ret. First Lutheran Church,
Clifton
Victoria E.Taylor
Martin Luther King, Jr.
Senior Center
Kathleen Medore
National Fruit & Essences, Inc.
Ronald Petillo
Petillo Enterprises, Inc.
Roy Solondz
Roxbury Mortgage Co., Inc.
Stella Visaggio
Hackettstown Community
Hospital
WEST ESSEX REGIONAL
ADVISORY BOARD
Jeffrey Birnberg
J. Birnberg & Associates, LLC
Patrick D’Angola
ARCS Fabricators, Inc.
Joseph J. DeLuccia, Esq.
Attorney-at-Law
Kenneth Elkin
KG Specialty Steel, Inc.
Jay Gerish
J. Gerish, Inc.
Donald Gottheimer
D & B Wholesale Cosmetics, Inc.
Frank Kobola
Kobrun Investments
Sanford Levine
Sanford Levine & Sons
Packaging Corp.
Saul Lupin, CPA
Smolin, Lupin & Company, PA
Solomon Masters
ERA Masters Realty
Robert Ringley
Ber Plastics, Inc.
Stacey Rudbart
Morgan Stanley Dean Witter
Ben Sher
Sher Distributing Co., Inc.
Dr. Arnold Speert
William Paterson University
VA L L E Y N A T I O N A L B A N C O R P www.valleynationalbank.com
p.27
f{tÜx{ÉÄwxÜ \ÇyÉÜÅtà|ÉÇ
Dianne M. Grenz
First Vice President
Shareholder Relations
CORPORATE ADDRESS
Valley National Bancorp
1455 Valley Road
Wayne, New Jersey 07470
STOCK LISTING
Valley National Bancorp
common stock is traded on the
New York Stock Exchange under
the symbol VLY.
ANNUAL MEETING
April 9, 2003
2:00 PM
Radisson
690 Route 46 East
Fairfield, NJ 07004
SHAREHOLDER INQUIRIES,
DIVIDEND REINVESTMENT PLAN,
AND REGISTRAR AND TRANSFER
AGENT
For information regarding share
accounts of common stock or
Valley’s Dividend Reinvestment
Plan, please contact the Registrar
and Transfer Agent or
Valley National Bancorp:
American Stock Transfer
& Trust Company
59 Maiden Lane
New York, New York 10038
Attn: Shareholder Relations
Department
(800) 937-5449
Dividend Reinvestment Plan
(800) 278-4353
Valley National Bancorp
Attn: Shareholders Relations
Department
(800) 522-4100, ext. 3380
(973) 305-3380
FORM 10-K
Persons may obtain a copy
of Valley National Bancorp’s
2002 Annual Report or
Form 10-K by submitting
a request in writing to:
Dianne M. Grenz
First Vice President
Shareholder Relations Department
Valley National Bancorp
1455 Valley Road
Wayne, New Jersey 07470
dgrenz@valleynationalbank.com
The 2002 Annual Report and
Form 10-K are also available on
our website at
www.valleynationalbank.com
FINANCIAL INFORMATION
Investors, security analysts
and others seeking financial
information should submit a
request in writing to:
Alan D. Eskow
Executive Vice President
& Chief Financial Officer
Valley National Bancorp
1455 Valley Road
Wayne, New Jersey 07470
p.28
VA L L E Y N A T I O N A L B A N C O R P 2002 Annual Report