The $740 million merger between Valley National Bancorp. and Oritiani Financial Corp. moved a step closer to completion with the announcement Nov. 15 that shareholders of both entities voted for the deal at their respective shareholder meetings.
As of Sept. 30, Oritani – with 26 offices in New Jersey – had about $4.0 billion in assets, $3.4 billion in net loans and $2.9 billion in deposits, Valley said.
According to terms of the deal announced in June, when the merger closes Oritani shareholders will receive 1.60 shares of Valley common stock for each Oritani share they own.
Subject to closing conditions, Valley said the transaction is expected to close Dec. 1, expanding the bank’s presence in Bergen County while boosting capital, providing greater balance sheet optionality and advancing strategic initiatives.