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TheStreet Open House

Oritani Financial Corp. To Commence Second Step Conversion & Offering And Also Announces Quarterly Dividend

Oritani-Federal also announced that it has declared a quarterly cash dividend of $0.075 per share on the Company's common stock. The dividend will be payable to stockholders of record as of May 24, 2010 and will be paid on June 7, 2010. Oritani Financial Corp., MHC intends to waive the receipt of dividends paid on its shares of Oritani-Federal. Oritani Financial Corp., MHC, previously received a regulatory non-objection to the waiver of such dividends.  

Forward Looking Statements -- This release may contain certain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Oritani-Delaware, Oritani-Federal and Oritani Bank that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to, general economic and market conditions, legislative and regulatory conditions, changes in interest rates that affect Oritani Bank's interest rate spread, changes in deposit flows, loan demand or real estate values and other economic, governmental, competitive, regulatory and technological factors that may affect Oritani-Delaware, Oritani-Federal and Oritani Bank's operations.

A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus forming part of the registration statement (and, in the case of the subscription offering, an accompanying stock order form). 

Oritani-Federal has filed a proxy statement/prospectus concerning the conversion with the SEC. Stockholders of Oritani-Federal are urged to read the proxy statement/prospectus because it contains important information. Investors are able to obtain all documents filed with the SEC by Oritani-Federal free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by Oritani-Federal are available free of charge from the Corporate Secretary of Oritani-Federal at Oritani Financial Corp. - a Federal corporation, 370 Pascack Road, Township of Washington, New Jersey 07676, Attention: Corporate Secretary.

The directors, executive officers, and certain other members of management and employees of Oritani-Federal are participants in the solicitation of proxies in favor of the conversion from the stockholders of Oritani-Federal. Information about the directors and executive officers of Oritani-Federal is included in the proxy statement/prospectus filed with the SEC.

The shares of common stock are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.

CONTACT:  Oritani Financial Corp.
          Kevin J. Lynch, President and Chief Executive Officer
          (201) 664-5400

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