Brief: Lakeland Bancorp to but Pascack Bancorp

Lakeland Bancorp

04/08/2015 13:41

Aug 4 (Reuters) - Lakeland Bancorp Inc  LBAI.O : 
 * To acquire Pascack Bancorp 
 * Says transaction is expected to be approximately 4.5% accretive to Lakeland 
   bancorp's earnings per share in 2016 
 * Says the transaction is valued at approximately $43.8 million on a fully 
   diluted basis, or $11.35 per share 
 * Says Lakeland Bancorp expects to issue aggregate of approximately 3.3 million 
   shares of its common stock in merger 
 * Says boards of directors of both companies have unanimously approved the 
   mergers 
 * Expects to issue about 3.3 million shares of its common stock in merger, and 
   will cash out outstanding Pascack Bancorp options 
 * Says 90% of the aggregate merger consideration will be shares of Lakeland 
   Bancorp common stock and 10% will be cash 
 * Transaction is expected to be 2.7% dilutive to tangible book value with an 
   estimated earn back in approximately 3.5 years 
 
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