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VLY

Valley National

$10.19

-0.005 (-0.05%)

, ORIT

Oritani Financial

$16.23

0.14 (0.87%)

08:19
06/26/19
06/26
08:19
06/26/19
08:19

Valley National to acquire Oritani Financial in transaction valued at $740M

Valley National Bancorp (VLY) announced that it is doubling its market share in demographically attractive Bergen County and enhancing its presence in Hudson County by acquiring Oritani Financial (ORIT). The companies have 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 is valued at an estimated $740M, based on Valley's closing stock price on June 25, 2019. Valley, and its wholly-owned subsidiary, Valley National Bank, has approximately $32.5B in assets, $25.4B in loans, $24.9B in deposits and more than 200 branches in New Jersey, New York, Florida and Alabama. Oritani, and its wholly-owned subsidiary, Oritani Bank has approximately $4.1B in assets, $3.5B in loans, $2.9B in deposits, and maintains a branch network of 26 offices. 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 $38B in assets, $30B in loans, $29B in deposits, and 245 branches across New Jersey, New York, Florida, and Alabama. The Boards of Directors of both companies, after extensive review and due diligence, unanimously approved the transaction. The acquisition is expected to close late in the fourth quarter of 2019, subject to standard regulatory approvals, shareholder approvals from Valley and Oritani, as well as other customary conditions. In conjunction with the closing of this transaction, Valley is planning on restructuring approximately $635M of higher cost FHLB borrowings. Valley anticipates the result of the merger, combined with debt restructuring will be immediately neutral to slightly accretive to earnings per share and tangible book value while increasing Tier 1 Common Equity by over 50 basis points.

VLY

Valley National

$10.19

-0.005 (-0.05%)

ORIT

Oritani Financial

$16.23

0.14 (0.87%)

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NFLX

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AMZN

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BHVN

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CE

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F

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UTX

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LMT

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ARES

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HAFC

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PAYS

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MEOH

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SHIP

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SONM

Sonim

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0.24 (1.82%)

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KINS

Kingstone Companies

$8.81

0.09 (1.03%)

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16.17 (4.48%)

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BA

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MSFT

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WMT

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DIS

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GCI

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1.53 (19.37%)

CRWD

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10.75 (14.78%)

SKX

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4.25 (12.23%)

PACB

Pacific Biosciences

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ILMN

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CHWY

Chewy

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