Source: Benzinga

Oritani Financial: Valley National Bancorp Receives Application Waiver for the Acquisition of Oritani Financial Corp. From the Federal Reserve

NEW YORK, Oct. 25, 2019 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) ("Valley") announced today it received notice from the Board of Governors of the Federal Reserve System that it waived the requirement for a bank merger application for the previously announced merger of Oritani Financial Corp. (NASDAQ:ORIT) ("Oritani") with and into Valley (the "Proposed Transaction"). In conjunction with the previously announced approval from the Office of the Comptroller of the Currency, Valley has obtained the requisite regulatory approvals to complete the Proposed Transaction.The Proposed Transaction remains subject to other customary closing conditions, including approval by the shareholders of both Valley and Oritani. Valley and Oritani will hold their respective shareholder meetings on November 14, 2019 to vote on the Proposed Transaction. If shareholders approve, Valley and Oritani expect to close the Proposed Transaction in the fourth quarter of 2019.The combined company is expected to have approximately $38 billion in assets, $30 billion in loans, $29 billion in deposits, and 245 branches across New Jersey, New York, Florida, and Alabama.About ValleyAs the principal subsidiary of Valley National Bancorp, 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 over 200 branches 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.About OritaniOritani Financial Corp. is the holding company for Oritani Bank, a New Jersey state chartered bank offering a full range of retail and commercial loan and deposit products. Oritani Bank is dedicated to providing exceptional personal service to its individual and business customers. Oritani currently operates its main office and 25 full-service branches in the New Jersey Counties of Bergen, Hudson, Essex and Passaic. For ...Full story available on Benzinga.com

Read full article »
Est. Annual Revenue
$25-100M
Agree?
Est. Employees
100-250
Agree?
Kevin J. Lynch's photo - President & CEO of Oritani Financial

President & CEO

Kevin J. Lynch

CEO Approval Rating

85/100

Read more