FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
VALLEY NATIONAL BANCORP [ VLY ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 02/08/2010 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock | 02/08/2010 | F | 1,021 | D | $13.15 | 244,879 | D | |||
Common Stock | 02/08/2010 | S | 16,900(1) | D | $13.3126 | 227,979 | D | |||
Common Stock | 02/09/2010 | S | 47,100(1) | D | $13.3044 | 180,879 | D | |||
Common Stock | 6,000 | I | Spouse - Roth IRA | |||||||
Common Stock | 185,559 | I | Wife | |||||||
Common Stock (401k Plan)(2) | 2,755 | D | ||||||||
Common Stock (Roth IRA) | 50,610 | D | ||||||||
Common Stock (with Spouse) | 134 | D |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Stock Option/NQ | $18.9714 | 02/15/2002 | 02/15/2012 | Common Stock | 26,628 | 26,628 | D | ||||||||
Stock Options | $18.9714 | 02/15/2002 | 02/15/2012 | Common Stock | 1,514 | 1,514 | D | ||||||||
Stock Options | $18.2286 | 03/01/2004 | 03/01/2013 | Common Stock | 9,849 | 9,849 | D | ||||||||
Stock Options | $20.9524 | 02/26/2005 | 02/26/2014 | Common Stock | 26,803 | 26,803 | D | ||||||||
Stock Options | $20.9905 | 02/08/2006 | 02/08/2015 | Common Stock | 25,527 | 25,527 | D | ||||||||
Stock Options | $19.9429 | 02/15/2007 | 02/15/2016 | Common Stock | 30,388 | 30,388 | D | ||||||||
Stock Options | $22.4095 | 02/13/2008 | 02/13/2017 | Common Stock | 40,517 | 40,517 | D | ||||||||
Stock Options | $16.9619 | 02/12/2009 | 02/12/2018 | Common Stock | 38,587 | 38,587 | D |
Explanation of Responses: |
1. This sale of Valley common stock was of shares held in personal accounts by either Mr. Lipkin or his wife. Recently, Mr. Lipkin authorized the custodian for his and his wife's recently opened Roth 401K accounts to purchase in the open market Valley common shares as part of the assets in the account. As part of his financial planning, the reporting person developed a program to buy shares in the Roth 401(k) without increasing his and his wife's overall ownership of Valley common shares, and these personally held shares were sold to bring the level of overall ownership back closer to previous levels. All personal shares were sold at a price lower than any shares recently purchased in the Roth 401(k) accounts by either Mr. Lipkin or his wife to avoid a short swing profit issue |
2. Holdings under the Valley 401K Plan has been updated to reflect reporting officer's balance in the Plan. |
/s/ MITCHELL L. CRANDELL, AS ATTORNEY-IN-FACT | 02/09/2010 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |