Oritani Financial Corp. (ORIT) the holding company for Oritani Savings Bank, said Wednesday that it has entered into a mutual termination agreement with Greater Community Bancorp (GFLS) terminating the merger deal that the parties previously executed on November 13.
Earlier today, Greater Community Bancorp announced that it has agreed to be bought by Valley National Bancorp (VLY) in a deal currently estimated at $167 million.
Greater Community will pay $700,000 to Oritani under the mutual termination agreement, and Oritani has released Greater Community from any further break-up fee in connection with the merger agreement.
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