Valley National Bancorp Completes its Merger of Oritani Financial Corp
December 02 2019 - 8:30AM
Valley National Bancorp (NASDAQ:VLY) (“Valley”) announced that its
merger with Oritani Financial Corp. (“Oritani”) (NASDAQ: ORIT) was
completed effective December 1, 2019.
Valley will issue approximately 72 million shares of common
stock in the transaction. The common shareholders of Oritani will
receive 1.60 shares of Valley common stock for each Oritani share
that they own.
Effective December 1, 2019, Oritani’s wholly-owned subsidiary,
Oritani Bank, was merged into and under the name Valley National
Bank. As of September 30, 2019, Oritani had approximately $4.0
billion in assets, $3.4 billion in net loans, $2.9 billion in
deposits and a branch network of 26 locations. The acquisition
represents a significant addition to Valley's New Jersey franchise,
and will meaningfully enhance its presence in the Bergen County
market. Full systems integration is expected to be completed near
the end of the first quarter of 2020.
Ira Robbins, CEO of Valley said, “The completion of this
transaction unites two strong institutions, giving us a more
significant presence in existing markets. Additionally, this
combination provides Valley with substantial capital for future
organic growth across all aspects of the business. We are very
excited to welcome Oritani customers and employees into the Valley
family.”
In connection with the merger, Oritani Chairman, Kevin Lynch,
has joined the Board of Directors of Valley.
About Valley As the principal subsidiary of
Valley, Valley National Bank is a regional bank with approximately
$33.8 billion in assets. Valley is committed to giving people and
businesses the power to succeed. Valley operates many convenient
branch locations across New Jersey, New York, Florida and Alabama,
and is committed to providing the most convenient service, the
latest innovations and an experienced and knowledgeable team
dedicated to meeting customer needs. Helping communities grow and
prosper is the heart of Valley's corporate citizenship philosophy.
To learn more about Valley, go to www.valley.com or call our
Customer Service Center at 800-522-4100.
Contact:
Valley National BancorpMichael
HagedornSenior Executive Vice President and Chief
Financial Officer973-872-4885
Oritani Financial (NASDAQ:ORIT)
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