State Bancorp, Inc. Repays Outstanding TARP Funds

State Bancorp, Inc.

, parent company of State Bank of Long Island, announced today that it has redeemed $36,842,000 of its outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A issued to the U.S. Department of the Treasury on December 5, 2008 pursuant to the Troubled Asset Relief Program Capital Purchase Program. This amount represents a 100% repayment of outstanding TARP funds. The redemption of the Preferred Stock is a condition to the closing of the merger of State Bancorp with and into Valley National Bancorp ("Valley") and is being funded by cash received in connection with a senior note issued by State Bancorp to Valley.