THURSDAY, OCTOBER 29, 1998

NEW YORK--The Federal Reserve Bank of New York Thursday approved the application by Valley National Bancorp, Wayne, New Jersey to acquire up 9.9 percent of the common stock of Vista Bancorp, Inc., Phillipsburg, New Jersey.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.