Kevin Lynch to Join the Boards of Directors of Valley National Bancorp and Valley National Bank
June 26, 2019 at 08:16 am EDT
Valley National Bancorp (“Valley”) announced that it is doubling its market share in demographically attractive Bergen County and enhancing its presence in Hudson County by acquiring Oritani Financial Corp. 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 $740 million, based on Valley’s closing stock price on June 25, 2019. Valley, and its wholly-owned subsidiary, Valley National Bank, has approximately $32.5 billion in assets, $25.4 billion in loans, $24.9 billion in deposits and more than 200 branches in New Jersey, New York, Florida and Alabama. Mr. Kevin Lynch, Chairman, President & CEO of Oritani, is expected to join the Boards of Directors of Valley and Valley National Bank upon completion of this transaction.