Oritani Financial Corp. Commences Syndicated Community Offering And Increases Purchase Limitations
TOWNSHIP OF WASHINGTON, N.J., June 11, 2010 (GLOBE NEWSWIRE) -- Oritani Financial Corp., a federal corporation (Nasdaq:ORIT), announced today that Oritani Financial Corp., the newly formed Delaware corporation and proposed holding company for Oritani Bank ("Oritani-Delaware"), has commenced the syndicated community offering portion of the second step conversion to sell shares of common stock not subscribed for in the subscription offering or the community offering to the general public at $10.00 per share. Stifel, Nicolaus & Company, Incorporated is acting as sole book-running manager for the syndicated community offering. Sandler O'Neill & Partners, L.P. and Sterne, Agee & Leach, Inc. are acting as co-managers for the syndicated community offering. The syndicated community offering will be conducted on a best efforts basis and none of the members of the syndicate group are required to purchase any shares in the offering.
In addition, Oritani Financial Corp. announced that Oritani-Delaware has filed prospectus supplements with the Securities and Exchange Commission increasing the maximum purchase limitation from 50,000 shares ($500,000) to 150,000 shares ($1.5 million) for individual purchasers and from 100,000 shares ($1.0 million) to 800,000 shares ($8.0 million) for purchasers acting together with others, in all categories of the offering combined. Consistent with the prospectus dated May 10, 2010, the only persons who will be resolicited are those who subscribed for the maximum purchase limit in the subscription offering and indicated on the stock order form a desire to purchase additional shares if the maximum purchase limits were increased. Any increased orders with full payment will be due by 12:00 noon, Eastern Time, on June 18, 2010. All other eligible subscribers and community members who properly completed and timely submitted a stock order form will be allocated the number of shares of common stock requested in their stock order form.
The completion of the conversion and offering is subject to, among other things, selling a minimum of 33,150,000 shares in the offering, the receipt of all necessary final regulatory approvals, the receipt of the approval of the depositors of Oritani Bank as of April 30, 2010, and receipt of the approval of the stockholders of Oritani Financial Corp. as of May 5, 2010.
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