CASID Press Release
Oritani Bank Opens New Branch, Champions Central Avenue
November 17, 2008
Oritani Bank, a 97-year old community bank serving Bergen, Hudson and Passaic Counties, is continuing to expand its presence in New Jersey. To better serve its customers, Oritani Bank announces the opening of a new branch office located at 348 Central Avenue in the Heights section of Jersey City.
“Amidst a great deal of market concerns regarding the financial sector of our economy, especially investment banks and government-sponsored enterprises, local area businesses and residents should know that Oritani Bank remains in excellent financial condition. In fact, Oritani Bank has a Tier 1 capital ratio of nearly 20 percent, which is more than double our peers and triple the level required by the FDIC. We are exceedingly well capitalized and continue to grow based on local community needs,” said Kevin J. Lynch, Chairman, President and CEO of Oritani Bank and President of OritaniBank Charitable Foundation.
Mr. Lynch also commented, “Our recent branch openings in Emerson and now in Jersey City demonstrate Oritani Bank’s financial strength and ongoing commitment to the neighborhoods that we serve. We look forward to being a part of the Jersey City business community and expanding our footprint within Bergen County. Jersey City is an amazing market with tremendous opportunities.”
To kick off Oritani Bank’s Grand Opening, the Jersey City branch will offer a special promotion on TGIF personal checking accounts and TCB business checking accounts. New customers can also take advantage of a special rate on a five month certificate of deposit.
To introduce the bank to local area residents, Oritani Bank will be holding a Grand Opening Celebration on Saturday, November 15th in their new branch at 348 Central Avenue in Jersey City. Oritani Bank welcomes the local community to come and enjoy complimentary music, entertainment, and refreshments. The event will be open to the public from 11 am to 2 pm and the festivities will include music, entertainment and refreshments for the whole family. Oritani Bank will also hold a Grand Prize Drawing that day. The grand prize will be a $500 Newport Centre Mall Gift Card. Numerous second and third prize gift cards will also be awarded. All are welcome to participate in the sweepstakes.
In support of the local community, the Oritani Bank Charitable Foundation will also be making a $10,000 donation to the Central Avenue Special Improvement District Management Corporation (CASID), which helps guide and promote positive social growth and economic revitalization in Jersey City by providing supplemental management, maintenance, and improvements to the Central Avenue business district.
"Oritani Bank recognizes that the CASID has made great strides in positioning the Central Avenue business district as an outstanding place to live, work, dine and shop," said CASID President Michael Yun. "But Oritani also understands that our work is not done yet. Their generous donation will make it possible for us to invest even more in our local community."
Oritani Bank has over $1.5 billion in assets and is a publicly held Mutual Holding Company trading on the NASDAQ with the trading symbol “ORIT”. Oritani has 21 branch locations throughout Bergen, Hudson and Passaic Counties, and offers a full line of deposit and loan services to both retail and commercial customers. For more information, call 888-ORITANI, or visit the Company’s website, www.oritani.com.