Oritani Financial Corp. Announces a Share Repurchase Program for 10% of Its Outstanding Shares

Oritani Financial Corp. ORIT today announced that its Board of Directors has authorized the repurchase of up to 10% of its outstanding shares of common stock, or 5,624,506 shares. The program is eligible to commence on June 27, 2011. "We are pleased to announce our requisite waiting period is nearly over and we will soon be able to initiate our first repurchase program as a fully public company," said Kevin J. Lynch, Chairman, President and Chief Executive Officer. "We are committed to delivering shareholder value and view repurchases as an important tool in achieving this goal." The Company will repurchase the shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.