Provident Financial to buy Lakeland Bancorp in $1.3bn deal
Provident Financial Services Inc.
n/a
10:20 20/12/24
Provident Financial Services said on Tuesday that it has agreed to buy Lakeland Bancorp, the parent company of Lakeland Bank, in a $1.3bn deal.
Lakeland Bancorp Inc.
$13.43
11:00 19/12/24
Under the terms of the deal, Lakeland shareholders will receive 0.8319 shares of Provident common stock for each share of their shares.
Provident Financial Services, which owns Provident Bank, said the merger combines two complementary banking platforms to create New Jersey’s "preeminent super-community bank". The combined entity will have more than $25bn in assets and $20bn in total deposits.
Anthony Labozzetta, president and chief executive officer of Provident, said: "We are excited to announce this transformational combination of two amazing organisations. The scale and profitability of the combined organization will enable us to invest in the future, better compete for market share, and better serve our customers and communities.
"We bring together a diverse group of employees who are committed to delivering exceptional service to our customers and the communities we serve. It is particularly gratifying to embark on this journey with our colleagues on the Lakeland team and Tom Shara, whom we have held in high regard for many years."