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OCC approves Valley National Bancorp's acquisition of Oritani Financial

The Office of the Comptroller of the Currency approved Wayne, N.J.-based Valley National Bancorp's planned acquisition of Township of Washington, N.J.-based Oritani Financial Corp.

The deal is subject to other conditions including approval from the Federal Reserve and both companies' shareholders.

The combined company is expected to have about $38 billion in assets, $30 billion in loans, $29 billion in deposits and 245 branches across New Jersey, New York, Florida and Alabama.