WAYNE, N.J. -- Valley National Bancorp said it has withdrawn an application to the Federal Reserve Board for permission to acquire up to 24.95% of Urban National Bank of Franklin Lakes, N.J.

Valley in March had purchased 48,500 shares of Urban common stock, or about 4.9% of the total, from a former director and his family. At that time, the $3.4 billion-asset Valley said it applied to acquire the remainder of the family's shares, as well as other shares in open market transactions, up to 24.9%.

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