Oritani Financial expects to acquire Greater Community in June 2008

By Lisa Kerner

Charlotte, N.C., Dec. 20 - Greater Community Bancorp and Oritani Financial Corp. expect to receive all regulatory approvals in April and shareholder approvals in May for their proposed merger.

The acquisition of Greater Community by Oritani Financial remains on track to close in early June 2008, according to a form 425 filing with the Securities and Exchange Commission.

As previously reported, Oritani Financial agreed to acquire Greater Community in a stock and cash deal valued at $187 million, or $21.40 per share.

An integration committee has been formed to study the companies' business operations, processes, staffing and costs. The committee is comprised of two directors and four senior officers from Oritani Financial and six senior officers of Greater Community.

Greater Community Bank will be merged into Oritani Savings Bank, which will be renamed Oritani Community Bank. Both banks' loan portfolios consist mainly of commercial and multi-family real estate loans.

Greater Community directors Charles J. Volpe and Alfred R. Urbano will join Oritani's board of directors. Anthony M. Bruno, chairman, president and chief executive officer of Greater Community, will resign following the closing, a prior news release stated.

Oritani Financial is the holding company for Oritani Savings Bank and is based in Washington Township, N.J.

Greater Community Bancorp is the financial holding company for Greater Community Bank and is located in Totowa, N.J.

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