Greater Community Bancorp (NASDAQ:GFLS)
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Greater Community Bancorp (“Greater Community”)
(NASDAQ: “GFLS”),
the holding company for Greater Community Bank, announced today that it
had entered into a mutual termination agreement with Oritani Financial
Corp. (“Oritani”)
(NASDAQ: “ORIT”),
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.