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

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * ENGEL ALBERT L   2. Issuer Name and Ticker or Trading Symbol VALLEY NATIONAL BANCORP [VLY] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Vice President (Last) (First) (Middle) 1455 VALLEY ROAD 3. Date of Earliest Transaction (Month/Day/Year) 08/01/2006 (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 Common Stock 08/01/2006   M/K   11,544 A $ 11.15 (1) 37,069 (2) (3) D   Common Stock 08/01/2006   F   4,957 D $ 25.97 32,112 (2) (3) D   Common Stock -- (401K Plan) 08/01/2006   J(4)   146 A $ 0 2,161 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	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 control number.		SEC 1474 (9-02)

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 Option

$ 14.33

10/27/1998

10/27/2007

Common Stock

6,595

6,595

D

Stock Option

$ 15.47

10/23/1999

10/23/2008

Common Stock

8,796

8,796

D

Stock Option

$ 16.08

11/12/2000

11/12/2009

Common Stock

8,377

8,377

D

Stock Option

$ 17.94

11/15/2001

11/15/2010

Common Stock

9,571

9,571

D

Stock Option

$ 20.1995

11/07/2002

11/07/2011

Common Stock

6,039

6,039

D

Stock Option

$ 21.669

11/18/2003

11/18/2012

Common Stock

8,509

8,509

D

Stock Option

$ 23.5048

11/14/2006

11/14/2015

Common Stock

15,225

15,225

D

Stock Option

$ 25.2698

11/17/2004

11/17/2013

Common Stock

8,104

8,104

D

Stock Option

$ 25.3696

11/16/2005

11/16/2014

Common Stock

11,025

11,025

D

Stock Option (1)

$ 11.15

08/01/2006

M

11,544

10/01/1997

10/01/2006

Common Stock

11,544

$ 11.15

0

D

STOCK OPTION/NQ

$ 20.1995

11/07/2002

11/07/2011

Common Stock

3,080

3,080

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ENGEL ALBERT L 1455 VALLEY ROAD WAYNE, NJ 07470-			Executive Vice President

Signatures

ALBERT L ENGEL		08/03/2006
**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)	The exercise price of this option is being corrected by this filing.
(2)	Includes restricted shares granted under VNB 1999 Long Term Stock Incentive Plan, vesting in five equal installments beginning one year from the grant date.
(3)	Valley declared a 5% stock dividend on April 5, 2006, payable May 22, 2006 to shareholders of record on May 8, 2006.
(4)	Balance update on Valley shares held under Valley's 401K Plan.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.