Directors of Valley National Corp., parent company of Valley Utah Bancorp. and Valley National Bank of Arizona, have declared a quarterly dividend of 36 cents per share, payable June 15 to shareholders of record May 31.

James P. Simmons, chairman and chief executive officer, said the corporation has 19.7 million shares outstanding, held by about 12,700 shareholders. The dividend results in a $7 million cash payout.