Wayne-based Valley National Bancorp announced that its merger with Oritani Financial Corp. was completed effective Dec. 1.
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.
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.
Effective yesterday, 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.
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.
As the principal subsidiary of Valley, Valley National Bank is a regional bank with approximately $33.8 billion in assets.
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