This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Oritani Bank's Depositors And Oritani Financial Corp.'s Stockholders Approve The Plan Of Conversion

TOWNSHIP OF WASHINGTON, N.J., June 22, 2010 (GLOBE NEWSWIRE) -- Oritani Financial Corp. -- a federal corporation ("Oritani Federal") (Nasdaq:ORIT), announced today that its stockholders and the depositors of Oritani Bank (the "Bank") each approved the plan of conversion pursuant to which Oritani Financial Corp., MHC will convert to a stock holding company form of organization and Oritani Financial Corp. -- a Delaware corporation (the "Company"), the proposed stock holding company for the Bank, will sell shares of its common stock.

Oritani Federal also announced that the Company expects to sell 41,363,214 shares of common stock at $10.00 per share, for gross offering proceeds of $413.6 million in the offering. Orders for a total of 13,936,932 shares of common stock have been accepted in the syndicated community offering, for which Stifel, Nicolaus & Company, Incorporated acted as sole book-running manager and Sandler O'Neill & Partners, L.P. and Sterne, Agee & Leach, Inc. acted as co-managers. The Company received orders for 27,426,282 shares of common stock in the subscription and community offerings, for which Stifel, Nicolaus & Company, Incorporated acted as selling agent.  All orders properly executed in the subscription and community offerings will be filled in whole. The Company's employee stock ownership plan will purchase its shares of common stock in the open market following consummation of the stock offering.

Concurrent with the completion of the offering, shares of Oritani Federal's common stock owned by the public will be exchanged for shares of the Company's common stock so that Oritani Federal's existing stockholders will own approximately the same percentage of the Company's common stock as they owned of Oritani Federal's common stock immediately prior to the conversion. As a result, stockholders of Oritani Financial Federal will receive 1.500 shares of the Company's common stock for each share of Oritani Federal common stock they own immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. As a result of the offering and the exchange of shares, the Company will have approximately 55,721,129 shares outstanding after giving effect to the transaction.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
ORIT $14.33 -0.28%
AAPL $129.36 0.21%
FB $79.61 -0.18%
GOOG $573.64 0.40%
TSLA $199.54 1.10%


DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs