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Bank Says No to Fed Bailout Money

WASHINGTON TWP., NJ-The $1.5-billion Oritani Financial Corp. is eligible for help from the government's bailout plan, but won't apply.

By Eric Peterson | Updated on November 18, 2008

WASHINGTON TWP., NJ-Oritani Financial Corp., the parent company of locally based Oritani Bank, is eligible to pick up funding via the federal government’s $700-million bank bailout plan , but the company has opted not to apply for such assistance. Bank officials say they’ve operated for almost a century without any federal assistance, and that they’re not about to start now. Officials term the institution’s financial condition “excellent,” and say they don’t need any capital from the government going forward.

“We have survived two world wars, the Great Depression, the savings-and-loan crisis and several stock market crashes, and we will survive and prosper during the current crisis,” says Kevin J. Lynch, chairman, CEO and president of the institution, in a statement. “Oritani Bank has persevered because we are a prudently managed, well-capitalized, rock-solid community bank. We have more than three times the capital that is required by bank regulators, twice the capital of most of our competitors and we have never originated or held a sub-prime mortgage loan.”Lynch continues, “We are consistently rated as more profitable and more efficient than our peers, as indicated in peer group comparisons issued by the FDIC and bank research groups.” There are a fair number of banks in New Jersey applying for funding from the Asset Relief Program’s capital purchase program, explains Lynch, “Oritani Bank will not be one of them. Our capital base fully supports our growth plans and provides strong support for our lending operations.”

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