EXHIBIT (10)G

                             VALLEY NATIONAL BANCORP
                             STOCK OPTION AGREEMENT

     VALLEY NATIONAL BANCORP, a New Jersey corporation (the "Company"), this 1st
day of April,  1992,  (the "Option  Date") hereby  grants to MICHAEL  GUILFOILE,
residing at 369 Rowayton Avenue,  Rowayton,  Connecticut 06853  ("Guilfoile") an
option to  purchase  shares of the Common  Stock,  no par value,  of the Company
("Common  Stock") in the amount and on the terms and conditions  hereinafter set
forth.

     1.   Grant of Option.  The Company  hereby  grants to Guilfoile  the option
          (the  "Option")  to purchase  all or any part of an aggregate of 5,000
          shares of Common Stock  ("Shares") on the terms and conditions  herein
          set forth.

     2.   Purchase  Price.  The  purchase  price of the  shares of Common  Stock
          subject to the Option shall be $26.00 per share  subject to adjustment
          as provided in Section (a) below.

     3.   Final  Termination.  This Option  shall be  exercisable  from the date
          hereof until  November 18, 2001 or such  shorter as is  prescribed  in
          this Agreement.

     4.   Restrictions. This Option is subject to all the following conditions:

          a.   This Option is not assignable or transferable by Guilfoile;

          b.   This Option may be exercised only by the legal  representative of
               Guilfoile in the event of his death or mental disability.

     5.   Exercise.  This Option  shall be  exercised  by notice to the Company,
          accompanied by full payment in cash or check.



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     6.   Securities  Law  Restrictions.  The Company is under no  obligation to
          file a  registration  statement  under the Securities Act of 1933 with
          respect to the Shares to be  received  upon  exercise  of the  Option.
          Unless a  registration  statement  under  the Act has been  filed  and
          remains  effective  with  respect to the  Shares,  the  Company  shall
          require  that the  offer and sale of such  Shares  be exempt  from the
          registration  provisions of the Act. As a condition of such exemption,
          the Company shall require a representation  and  undertaking,  in form
          and  substance  satisfactory  to  counsel  for the  Company,  that the
          optionee is  acquiring  the Shares for his own account for  investment
          and not with a view to the  distribution  or resale  thereof and shall
          otherwise require such  representations  and impose such conditions as
          shall establish to the Company's  satisfaction that the offer and sale
          of the  Shares  issuable  upon the  exercise  of the  Option  will not
          constitute a violation of the Act or any similar  state act  affecting
          the offer and sale. If the shares are issued in an exempt transaction,
          the Shares shall bear the following restrictive legend:

          THESE  SHARES HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF
          1933,  AS  AMENDED.  NO SALE OR TRANSFER OF THE SHARES MAY BE AFFECTED
          WITHOUT AN OPINION OF COUNSEL TO THE COMPANY STATING THAT THE TRANSFER
          IS EXEMPT FROM  REGISTRATION  UNDER THE ACT AND ANY  APPLICABLE  STATE
          SECURITIES  LAWS OR THAT THE SALE OR TRANSFER OF THE SHARES IS COVERED
          BY AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THE SHARES.

     7.   Restrictions  on  Transfer.  This  Option  shall  not be  transferred,
          assigned,  pledged  or  hypothecated  by  Guilfoile  and  shall not be
          subject to execution,



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          attachment  or  similar  process.  In the  event  the  terms  of  this
          paragraph  are not  complied  with by  Guilfoile,  or if the Option is
          subject to execution, attachment or similar process, this Option shall
          immediately become null and void.

     8.   Anti-Dilution  Provisions.  If prior to expiration of the Option there
          shall occur any change in the outstanding  Common Stock of the Company
          by reason of any stock dividend,  stock split, combination or exchange
          of shares, merger,  consolidation,  recapitalization,  reorganization,
          liquidation,  subscription rights offering,  or the like, and as often
          as the same shall occur, then the kind and number of shares subject to
          the Option,  or the purchase price per share of Common Stock, or both,
          shall be adjusted by the Board of  Directors  in such manner as it may
          deem  equitable,  the  determination  of which  shall be  binding  and
          conclusive.  Failure of the Board to provide  for any such  adjustment
          shall be  conclusive  evidence  that no  adjustment  is required.  The
          Company shall notify Guilfoile of any change.

     9.   Acceleration  of  Option  Period.   Notwithstanding  anything  to  the
          contrary  specified  herein,  if there is a  Change-in-Control  of the
          Company as defined in the Company's  Long-Term  Stock  Incentive  Plan
          (the  "Incentive  Plan"),  the Company,  upon prior written  notice to
          Guilfoile,  may  terminate  the Option 60 days after giving  Guilfoile
          notice of the  Change-in-Control  and the  earlier  termination  date.
          During  any  sixty  (60) day  period  following  a  Change-in-Control,
          Guilfoile  may (i) exercise the Option,  to



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          the extent not previously exercised, or (ii) surrender this Option for
          cancellation and receive,  to the extent the Option was not previously
          exercised,  a cash payment equal to the Adjusted Fair Market Value (as
          defined in the Incentive  Plan) of the Shares subject to the Option or
          portion  thereof  surrendered,  over the aggregate  purchase price for
          such Shares  under this  Option.  This  provision  is intended to, and
          shall  be  interpreted  to,  give  Guilfoile  the  same  treatment  as
          optionees under the Incentive Plan.

     10.  Acceptance of Provisions. The execution of this Agreement by Guilfoile
          shall constitute Guilfoile's acceptance of and agreement to all of the
          terms and conditions of this Agreement.

     11.  Notices.  All notices and other  communications  required or permitted
          under this Agreement  shall be in writing and shall be given either by
          (i) personal  delivery or regular mail, in each case against  receipt,
          or (ii) first class  registered  or  certified  mail,  return  receipt
          requested.  Any such communication  shall be deemed to have been given
          (i) on the date of receipt in the cases  referred  to in clause (i) of
          the  preceding  sentence  and (ii) on the second day after the date of
          mailing  in the  cases  referred  to in clause  (ii) of the  preceding
          sentence. All such communications to the Company shall be addressed to
          it,  to the  attention  of its  Secretary  or  Treasurer,  at its then
          principal office and to Guilfoile at his last address appearing on the
          records  of the  Company  or, in each case,  to such  other  person or
          address as may be designated by like notice hereunder.



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     12.  Miscellaneous. This Agreement contains a complete statement of all the
          arrangements between the parties with respect to their subject matter,
          and this Agreement  cannot be changed except by in writing executed by
          both  parties.  This  Agreement  shall be governed by and construed in
          accordance  with the laws of the  State of New  Jersey  applicable  to
          agreements  made and to be performed  exclusively  in New Jersey.  The
          headings in this Agreement are solely for convenience of reference and
          shall not affect its meaning or interpretation.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
          of the date first written above.

                                                     VALLEY NATIONAL BANCORP


                                                 By: /s/ Gerald H. Lipkin
                                                     ---------------------------
                                                     Gerald H. Lipkin

                                                     /s/ Michael Guilfoile
                                                     ---------------------------
                                                     Michael Guilfoile