Valley National Bancorp Announces the Receipt of Regulatory and Shareholder Approvals for the Acquisition of Oritani Financia...
2019年11月15日 - 10:00PM
Valley National Bancorp (NASDAQ:VLY) (“Valley”) announced today
that shareholders of both Valley and Oritani Financial Corp.
(“Oritani”) (NASDAQ: ORIT) voted in favor of the merger at their
respective shareholder meetings. Valley now has received the
necessary shareholder and regulatory approvals to complete the
previously announced merger with Oritani (the “Merger”).
Shareholders of Oritani will receive 1.60 shares of Valley common
stock for each Oritani share they own pursuant to the terms of the
Merger when it closes. The Merger is expected to be effective on
December 1, 2019, subject to remaining closing conditions.
As of September 30, 2019, Oritani had
approximately $4.0 billion in assets, $3.4 billion in net loans,
and $2.9 billion in deposits. Oritani maintains a branch network of
26 offices in New Jersey.
The Merger 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 Merger will also bolster capital, providing greater
balance sheet optionality and the acceleration of previously
disclosed strategic initiatives.
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
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
Oritani Oritani 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 additional information about Oritani
Bank, please visit www.oritani.com.
Forward-Looking StatementThe
foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including but
not limited to those regarding the proposed Merger. Such
statements are not historical facts and include expressions about
management’s confidence and strategies and management’s
expectations about new and existing programs and products,
relationships, opportunities, taxation, technology and market
conditions. These statements may be identified by such
forward-looking terminology as “expect,” “believe,” “view,”
“opportunity,” “allow,” “continues,” “reflects,” “typically,”
“usually,” “anticipate,” or similar statements or variations of
such terms. Such forward-looking statements involve certain
risks and uncertainties. Actual results may differ materially from
such forward-looking statements. Factors that may cause
actual results to differ from those contemplated by such
forward-looking statements include, but are not limited to, the
following: failure to satisfy the remaining closing conditions to
the Merger on the proposed terms and within the proposed timeframe
including, without limitation, delays in closing the Merger; the
inability to realize expected cost savings and synergies from the
Merger in amounts or in the timeframe anticipated; changes in the
estimates of non-recurring charges; the diversion of management’s
time on issues relating to the Merger; costs or difficulties
relating to Oritani integration matters might be greater than
expected; changes in the stock price of Valley from the date of the
Merger announcement to the closing date; material adverse changes
in Valley’s or Oritani’s operations or earnings; the inability to
retain customers and qualified employees of Oritani; developments
in the DC Solar bankruptcy and federal investigations that could
require the recognition of additional tax provision charges related
to uncertain tax liability positions; higher or lower than expected
income tax expense or tax rates, including increases or decreases
resulting from changes in uncertain tax position liabilities, tax
laws, regulations and case law; and weakness or a decline in the
U.S. economy, in particular in New Jersey, the New York
Metropolitan area (including Long Island), Florida and Alabama, as
well as an unexpected decline in commercial real estate values
within our market areas, as well as the risk factors set forth in
Valley’s Annual Report on Form 10-K for the year ended December 31,
2018. Valley assumes no obligation for updating any such
forward-looking statement at any time.
Contact: |
Valley National BancorpMichael
HagedornSenior Executive Vice President and Chief
Financial Officer973-872-4885 |
Oritani Financial (NASDAQ:ORIT)
過去 株価チャート
から 5 2024 まで 6 2024
Oritani Financial (NASDAQ:ORIT)
過去 株価チャート
から 6 2023 まで 6 2024