Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LIPKIN GERALD H
   2. Issuer Name and Ticker or Trading Symbol
VALLEY NATIONAL BANCORP [VLY] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CHAIRMAN PRESIDENT AND CEO
(Last)
(First)
(Middle)
1455 VALLEY ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
05/10/2006
(Street)

WAYNE, NJ 07470-		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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
401K               1,797 D  
Common Stock 05/10/2006   G   2,100 D $ 0 301,954 (1) (2) D  
Common Stock (with Spouse)               118 D  
Common Stock / IRA               6,235 D  
Common Stock               5,840 I IRA/WIFE
Common Stock               77,079 I WIFE

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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 Underlying Securities
(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 of Derivative Security: 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 Appreciation Right $ 17.1156             02/09/1999 02/09/2008 Common Stock 10,995   10,995 D  
Stock Option $ 14.4762             02/12/2001 02/12/2010 Common Stock 25,129   25,129 D  
Stock Option $ 16.4535             01/05/2000 01/05/2009 Common Stock 5,282   5,282 D  
Stock Option $ 17.1156             02/09/1999 02/09/2008 Common Stock 25,958   25,958 D  
Stock Option $ 21.1066             03/01/2004 03/01/2013 Common Stock 21,272   21,272 D  
Stock Option $ 21.9683             02/15/2002 02/15/2012 Common Stock 1,308   1,308 D  
Stock Option $ 23.0857             02/15/2007 02/15/2016 Common Stock 26,250   26,250 D  
Stock Option $ 24.254             02/26/2005 02/26/2014 Common Stock 23,153   23,153 D  
Stock Option $ 24.2993             02/08/2006 02/08/2015 Common Stock 22,050   22,050 D  
STOCK OPTION/NQ $ 18.322             02/08/2001 02/08/2011 COMMON STK. 25,527   25,527 D  
STOCK OPTION/NQ $ 21.9683             02/15/2002 02/15/2012 Common Stock 23,003   23,003 D  
Stock Option $ 16.4535             01/05/2000 01/05/2009 Common Stock 21,101   21,101 I 01/05/99 NON-QUAL. STK. OPTION

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LIPKIN GERALD H
1455 VALLEY ROAD
WAYNE, NJ 07470-		   X     CHAIRMAN PRESIDENT AND CEO  

Signatures

 GERALD H LIPKIN   05/11/2006
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Includes restricted shares granted under VNB 1999 Long Term Stock Incentive Plan, vesting in five equal installments beginning one year from the grant date.
(2) Valley declared a 5% stock dividend on April 5, 2006, payable May 22, 2006 to shareholders of record on May 8, 2006.

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