Oritani Bank Declines Federal Bailout Money
Township of Washington, NJ, November 18, 2008 -- Oritani Financial Corporation, parent of Oritani Bank, based in the Township of Washington, New Jersey, announced today it is eligible to receive funding through the Federal government's $700 billion market rescue plan. However, after careful consideration, Oritani has decided not to apply for such funds. For almost 100 years, Oritani Bank has been providing banking services to consumers and businesses in New Jersey without any Federal assistance. Company executives said recently that Oritani remains in excellent financial condition and does not need any capital from the government.
"We survived two world wars, the Great Depression, the S&L crisis, several stock market crashes, and we will survive and prosper during the current crisis. Oritani Bank has persevered because we are a prudently-managed, well-capitalized, rock-solid community bank. We have over three times the capital required by bank regulators, twice the capital of most of our competitors and have never originated or held a sub prime mortgage loan. We are consistently rated as more profitable and more efficient than our peers as indicated in peer group comparisons issued by the FDIC and bank research groups. Although there are many banks in New Jersey applying for funding from the Asset Relief Program's Capital Purchase Program, Oritani Bank will not be one of them. Our capital base fully supports our growth plans and provides strong support for our lending operations," Kevin J. Lynch, Chairman, CEO and President of Oritani Bank, said in a statement.
Oritani Bank has over $1.5 billion in assets and is a publicly held Mutual Holding Company trading on the NASDAQ with the trading symbol "ORIT". Oritani has 21 branch locations throughout Bergen, Hudson and Passaic Counties, and offers a full line of deposit and loan services to both retail and commercial customers. For more information, call 888-ORITANI, or visit the Company's website, www.oritani.com.