The merger is subject to regulatory action by the Board of Governors of the Federal Reserve System among other conditions, including approval by the shareholders of both Valley and Oritani
Image: Valley National Bancorp has secured approval for acquisition of Oritani Financial from Office of the Comptroller of the Currency. Photo: courtesy of Adam Radosavljevic from Pixabay.
Valley National Bancorp has received regulatory approval from The Office of the Comptroller of the Currency (OCC) to complete the previously announced merger of Oritani Financial Corp. (Oritani) with and into Valley.
The companies entered into a merger agreement in which the common shareholders of Oritani will receive 1.60 shares of Valley common stock for each Oritani share they own. The transaction was valued at an estimated $740 million, based on Valley’s closing stock price on June 25, 2019.
The acquisition represents a significant addition to Valley’s New Jersey franchise, and will meaningfully enhance its presence in the densely populated and affluent Bergen County market. The acquisition will also bolster capital, providing greater balance sheet optionality and the acceleration of previously disclosed strategic initiatives.
The combined company at close 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.
The merger is subject to regulatory action by the Board of Governors of the Federal Reserve System among other conditions, including approval by the shareholders of both Valley and Oritani.
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $33.0 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
Oritani 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.
Source: Company Press Release