Greater Community Bancorp Announces Mutual Termination of Merger Agreement with Oritani Financial Corp.
20 3์ 2008 - 8:40AM
Business Wire
Greater Community Bancorp (๏ฟฝGreater Community๏ฟฝ) (NASDAQ: ๏ฟฝGFLS๏ฟฝ),
the holding company for Greater Community Bank, announced today
that it had entered into a mutual termination agreement with
Oritani Financial Corp. (๏ฟฝOritani๏ฟฝ) (NASDAQ: ๏ฟฝORIT๏ฟฝ), the holding
company for Oritani Savings Bank, terminating the agreement and
plan of merger that the parties previously executed on November 13,
2007. Greater Community has announced via a separate press release
that it has entered into an agreement and plan of merger with
Valley National Bancorp. Pursuant to the mutual termination
agreement, the parties have agreed to release each other from any
claims relating to the proposed merger between Greater Community
and Oritani. Greater Community will pay $700,000 to Oritani under
the mutual termination agreement and Oritani has released Greater
Community from any obligation to pay a break-up fee in connection
with the merger with Valley National Bancorp. About Greater
Community Bancorp and Greater Community Bank Greater Community
Bancorp is a financial holding company headquartered in Totowa, New
Jersey. Greater Community operates 16 full-service branches in the
northern New Jersey counties of Bergen, Passaic and Morris through
its state-chartered commercial bank subsidiary Greater Community
Bank. Greater Community Bank provides traditional commercial and
retail banking services to businesses and consumers in New Jersey
and, through its subsidiary Highland Capital Corp., provides
equipment leasing and financing. Greater Community Bancorp also
offers traditional insurance products through its Greater Community
Insurance Services, LLC subsidiary, and title insurance and
settlement services through its Greater Community Title LLC
subsidiary. In addition, Greater Community Financial, a division of
Greater Community Bank, provides a wide range of investment
products and services exclusively through Raymond James Financial
Services, Inc., member FINRA/SIPC. (Securities are not FDIC insured
or bank guaranteed, and are subject to risk and may lose value).
Insurance policies and tax services are not insured by the FDIC or
any federal government agency, may lose value, and are not a
deposit of or guaranteed by Greater Community Bank or any bank
affiliate. Forward-Looking Statements This release contains
forward-looking statements relating to present or future trends or
factors affecting the banking industry, and specifically the
financial condition and results of operations, including without
limitation, statements relating to the earnings outlook of Greater
Community, as well as its operations, markets and products. Actual
results could differ materially from those indicated. Among the
important factors that could cause results to differ materially are
interest rate changes, change in economic climate, which could
materially impact credit quality trends and the ability to generate
loans, changes in the mix of Greater Community's business,
competitive pressures, changes in accounting, tax or regulatory
practices or requirements, resolution of tax reviews, whether and
when the transactions contemplated by the merger agreement with
Oritani Financial Corp. will be consummated, and those risk factors
detailed in Greater Community's periodic reports and registration
statements filed with the Securities and Exchange Commission.
Greater Community undertakes no obligation to release revisions to
these forward-looking statements or reflect events or circumstances
after the date of this release.
Greater Community Bancorp (NASDAQ:GFLS)
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Greater Community Bancorp (NASDAQ:GFLS)
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