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Deal Overview

Buyer:
Valley National Bancorp
Actual Acquirer:
Valley National Bancorp
Target:
Oritani Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
6/25/2019
Announcement Date:
6/26/2019
Announced Deal Value ($ M):
744.63
Status:
Completed
Completion Date:
12/1/2019
Announced Deal Value Per Share ($ )
16.29

Consideration Breakout
Common Stock ($M) 835.7
Common Stock Issued 71,100,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 138.4 157.9
Price / Tangible Book (%) 138.4 157.9
Price / Earnings (x) 13.7 16.0
Price / Deposits (%) 25.69 28.98
Price / Assets (%) 18.27 21.33
Tangible Book Premium/ Deposits (%) 10.20 14.89
Deal Terms
Description of Consideration

Valley National Bancorp exchanged 1.60 shares of its common stock for each outstanding share of Oritani Financial Corp.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 288,960
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 18,115
Est. Restructuring Charges ($ 000) 39,000
Maximum Termination Fee ($ 000) 28,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.600000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 20,690
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes J.P. Morgan Securities LLC
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Day Pitney LLP
Seller Yes Luse Gorman PC
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© Oritani Bank • All Rights Reserved • Equal Housing Lender - Member FDIC
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