Oritani Bank is officially a part of Valley, expanding the latter brand’s presence in the Bergen County market.
On Monday, Valley National Bancorp announced its merger with Oritani Financial Corp., which finds Oritani merged into and under the Valley namesake, was effective Dec. 1.
The deal, valued at $740 million, was first announced in June.
Valley said it will issue approximately 72 million shares of common stock as part of the transaction, with Oritani shareholders in receipt of 1.60 shares of Valley common stock for every Oritani share they own.
In a move related to the deal, Oritani Chairman Kevin Lynch joins the Valley board of directors. According to the bank, full systems integration for the organization is expected to be finished near the close of 2020’s first quarter.
“The completion of this transaction unites two strong institutions, giving us a more significant presence in existing markets,” Valley Chief Executive Officer Ira Robbins said in a prepared statement. “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.”
As of Sept. 30, Oritani had about $4 billion in assets, $3.4 billion in net loans, $2.9 billion in deposits and 36 branch locations.
Based in Wayne, Valley is a regional bank operating more than 200 locations in New Jersey, New York, Florida and Alabama.