SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): September 5, 2000

                        MERCHANTS NEW YORK BANCORP, INC.
               (Exact name of registrant as specified in charter)

           Delaware                       0-22058               13-3650812
(State or other jurisdiction of     Commission File No.       (IRS employer
incorporation or organization)                             identification No.)

            275 Madison Avenue, New York, N.Y.                        10016
          (Address of principal executive office)                  (Zip Code)

       Registrant's telephone number, including area code: (212) 973-6600

<PAGE>


Item 5. Other Events

      On September 5, 2000,  the  Registrant,  the  Registrant's  subsidiary The
Merchants Bank of New York ("Merchants  Bank"),  Valley National Bancorp,  a New
Jersey  corporation  ("Valley") and its subsidiary Valley National Bank ("Valley
Bank")  signed an Agreement and Plan of Merger that  contemplates  the merger of
the Registrant with and into Valley (the "Merger"),  followed immediately by the
merger of Merchants Bank with and into Valley Bank.

      Also on September 5, 2000, the Registrant and Valley signed a Stock Option
Agreement. This agreement gives Valley an option to purchase 4,663,741 shares of
the Registrant's common stock, $0.001 par value per share  (approximately  19.9%
of the  amount  outstanding),  at a  price  of  $16.98  per  share,  subject  to
adjustment,  only upon the  occurrence  of any of  several  defined  "Triggering
Events"  which  relate  to  actions  by  Registrant  looking  toward a  business
combination of Registrant with a person other than Valley.

      On September 6, 2000 the Registrant issued a press release  announcing the
Merger. On the same day, the Registrant and Valley issued investor  presentation
materials in connection with an investor  conference  telephone call relating to
the Merger  that took  place at 11 a.m.  that day.  On  September  8, 2000,  the
Registrant  transmitted a letter to its stockholders  announcing the Merger. The
materials  identified  in this  paragraph  were  filed with the  Securities  and
Exchange Commission on September 8, 2000.

      At its  regularly  scheduled  Board meeting held  September 19, 2000,  the
Registrant  terminated its previously  announced stock repurchase program.  This
was done in view of the pendency of the Merger,  which is to be accounted for as
a pooling of interests.  Further  repurchases  would be  inconsistent  with that
accounting  treatment.  Since the inception of the plan in August, 1996, a total
of 1,897,346 shares had been repurchased out of a total authorized repurchase of
approximately  2,500,000 shares (adjusted for 2-for-1 splits of the Registrant's
common stock that took place in 1997 and 1999.) A press release  announcing  the
termination was issued on September 19, 2000.

Item 7. Exhibits

Exhibit  2.1  Agreement and  Plan of  Merger  among  the Registrant,  Valley
              National  Bancorp,  The Merchants  Bank of New York and Valley
              National Bank dated September 5, 2000, with exhibits including
              Agreement  to  Merge  between  Valley  National  Bank  and The
              Merchants Bank Of New York.

Exhibit 10.1  Stock Option Agreement  between the Registrant and Valley
              National Bancorp.

Exhibit 99.1  Press Release dated September 6, 2000.

Exhibit 99.2  Investor presentation materials used on September 6, 2000.

Exhibit 99.3  Letter to Stockholders of Registrant dated September 8, 2000.

Exhibit 99.4  Press Release dated September 19, 2000.

<PAGE>

                                INDEX TO EXHIBITS

Exhibit No.                        Description

      2.1   Agreement  and  Plan  of  Merger  dated   September  5,  2000  among
            Registrant,  Valley National Bancorp, The Merchants Bank of New York
            and Valley National Bank

      10.1  Stock Option  Agreement dated  September 5, 2000 between  Registrant
            and Valley National Bancorp

      99.1  Press Release dated September 6, 2000

      99.2  Investor presentation materials used on September 6, 2000

      99.3  Letter to Stockholders of Registrant dated September 8, 2000

      99.4  Press Release dated September 19, 2000

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

Dated:   September 19, 2000

                                        MERCHANTS NEW YORK BANCORP

                                   By  /s/ William J. Cardew
                                      ------------------------------------------
                                      William J. Cardew
                                      Vice Chairman and Chief Financial Officer