Township of Washington, NJ, September 8, 2008 – Oritani Savings Bank today announced that it has changed its name to Oritani Bank and is launching a new branding initiative designed to make their outward appearance a betterreflection of who they really are on the inside – a rock-solid community bank that has been meeting the needs of both consumers and businesses in Bergen, Hudson and Passaic counties since 1911.
The name change is intended to reinforce that Oritani Bank is much more than a savings bank. “Many customers and potential customers think savings banks are not able to offer the same type of products and services that commercial banks do. We serve thousands of New Jersey consumers and our commercial lending capabilities are well known and supported by many years of experience. We also manage complex deposit accounts for many small and large businesses throughout the area,” said Kevin Lynch, Chairman, President and CEO.
In addition to the name change, Oritani Bank is launching a fresh new logo and tag line, “Taking care of business since 1911,” which reflects their long history of service to retail and commercial customers.
Amidst a great deal of market concern regarding the financial sector of the economy, it is important for consumers and businesses to bank with an institution in excellent financial condition. When asked about the Bank’s stability, Mr. Lynch explained, “Our financial strength and core values clearly differentiate us from our competitors. Our Tier 1 Capital Ratio is 20%, which is more than double our peers and three times the level required by the FDIC to be considered well capitalized. Oritani Bank has not been impacted by the credit crisis because we have never made a sub prime loan and hold zero exposure to such risky mortgages. In addition, our deposits are insured by the FDIC up to $100,000 and up to $250,000 for IRA accounts. We are a strong, progressive, approachable community bank that our existing and potential customers can certainly feel secure in doing business with us for the long term.”
Based on the needs of local consumers and businesses, Oritani Bank continues to grow and change with the times. This fall Oritani will be opening two new branches – one in Emerson and one in Jersey City. They are also building a third new branch in Bergenfield, expanding and renovating the Paterson branch and evaluating new sites in Hudson County. Last year Oritani Bank created a charitable foundation to support worthy local causes, especially those that support the economically disadvantaged members of their community. So far, the charitable foundation has donated over half a million dollars to charities and non-profit organizations in the areas they serve.
Oritani Bank is a 97 year old community bank with $1.5 billion in assets based in the Township of Washington, New Jersey. Oritani Bank is a publicly held Mutual Holding Company trading on the NASDAQ with the trading symbol “ORIT”. Oritani Bank has 19 branches 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 their website, www.oritani.com.