Township of Washington, NJ, April 27, 2009, Oritani Financial Corporation, parent of Oritani Bank, a community bank based in the Township of Washington with $1.7 billion in assets, announced today that it has joined an elite group of NJ-based banks in reaching $1 billion in deposits — a significant accomplishment, especially during such turbulent times for the banking industry and the larger economy.
According to Company executives, Oritani's total deposits have grown by over $300 million since 6/30/08, representing a 42% increase. This growth is due to a combination of factors. Customers have been seeking safety and Oritani is widely acknowledged to be one of the strongest and safest banks in its market. Also, management has been more aggressive in growing the Company to take advantage of the current dislocation in the market with attractive products and rates being offered and increased marketing and advertising. New staff has been hired and two new branches opened; one in Emerson and one in Jersey City. Additional new branches are on the drawing board for Bergenfield and other locations in Jersey City.
Unlike many banks who are struggling to merely stay afloat these days, Oritani Bank is undergoing a major growth spurt. In addition to their deposits having topped $1 Billion, Company executives reported $477 million in new loans last year, a 62% increase over the prior year. When many banks are refusing to lend, Oritani is accepting good and safe loans for its expanding portfolio.
In a recent interview with Kevin J. Lynch, Chairman, President and CEO of Oritani Bank, “Achieving one billion dollars in deposits is an important milestone in our Company's history. Since 1911, our sound banking principles have helped us remain well-capitalized and avoid the pitfalls facing many banks today. We are implementing core deposit growth strategies designed to strengthen our customer base and reduce our cost of funds. We have increased training to our employees, enhanced our deposit product features and update our marketing and advertising initiatives to assure that our products and services remain competitive. We also benchmark our performance on a regular basis and are pleased to report that our profitability, asset quality and stock performance have consistently equaled or exceeded those of our peers.”
Oritani Bank is a 98 year old community bank with over $1.7 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.