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Repurchase of up to 5% of its outstanding shares of common stock
Oritani Financial Corp. (Nasdaq:ORIT), the holding company for Oritani Bank , today announced that its Board of Directors has authorized the repurchase of up to 5% of its outstanding shares of common stock, or 2,205,451 shares.
In conjunction with the commencement of a fourth repurchase plan, the Company also announced the completion of its third repurchase plan. That plan, which was announced on November 14, 2011, authorized the repurchase of up to 2,278,776 shares. The Company repurchased the full 2,278,776 shares under that plan, at a total cost of $33.0 million and an average cost of $14.48 per share.
Since the Company’s first repurchase plan was announced on June 27, 2011, the Company has repurchased a combined total of 12,961,364 shares under its repurchase plans. The total cost for these repurchases was $171.7 million and the average cost was $13.25 per share. In addition, the Company also repurchased 1,598,100 shares to fund the stock awards that were issued in conjunction with the 2011 Equity Incentive Plan. These shares were repurchased at a total cost of $19.3 million and an average cost of $12.06 per share.
Under the fourth repurchase program, the Company will repurchase shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. There can be no assurances that the fourth repurchase plan will be completed as fully as the three previous repurchase plans.
Oritani Financial Corp. is the holding company for Oritani Bank, a New Jersey state chartered bank offering a full range of retail and commercial loan and deposit products. Oritani Bank said in statement that it is”dedicated to providing exceptional personal service to its individual and business customers”. The Bank currently operates its main office and 24 full service branches in the New Jersey Counties of Bergen, Hudson, Essex and Passaic.
