AMENDMENT TO THE CHANGE IN CONTROL AGREEMENT (ERIC W. GOULD)

Exhibit 10.16

AMENDMENT TO THE

CHANGE IN CONTROL AGREEMENT

(ERIC W. GOULD)

This Amendment to the Change in Control Agreement (dated as of November 30, 2004) (the “Agreement”), is made as of this 15th day of August, 2006, among Valley National Bank (“Bank”), Valley National Bancorp (“Valley”), and ERIC W. GOULD (the “Executive”).

WHEREAS, the Executive has been employed by Valley and the Bank for many years; and

WHEREAS, the Bank, Valley, and the Executive previously entered into the Agreement; and

WHEREAS, the Bank, Valley and the Executive wish to amend the Agreement;

NOW, THEREFORE, for good and valuable consideration, the Bank, Valley and the Executive, each intending to be legally bound hereby, agree as follows:

1.            Subsection (b) of Section 9 of the Agreement, relating to continuation of certain welfare benefit coverages following termination of employment, is amended by deleting the words “medical, dental and”. Subsection (b) of Section 9 of the Agreement is further amended by deleting the last sentence (relating to COBRA) in its entirety.

2.            Section 9 of the Agreement is amended by adding the following new subsection (c) following the end of subsection (b) thereof:

“c.                 Within 20 business days of the termination of employment, pay the Executive a lump sum amount equal to one hundred twenty-five percent (125%) of (A) the aggregate COBRA premium amounts (based upon COBRA rates then in effect) for the equivalent period of the lump sum payment (i.e., 1 or 2 years) of the medical and dental coverage that was being provided to the Executive (and his spouse) at the time of termination of employment, minus (B) the aggregate amount of any employee contribution that would have been required of the Executive (determined as of the termination of employment) for such period.”

3.            The Agreement is amended by adding the following new Section 14A, immediately following the end of Section 14: