Brief: Provident Financial Services & Lakeland Bancorp Combine To Create New Jersey’s Premier Super-Community Banking Franchise

Provident Financial Services

27/09/2022 12:41

Sept 27 (Reuters) - Lakeland Bancorp Inc  LBAI.O :
    * PROVIDENT FINANCIAL SERVICES, INC. AND LAKELAND BANCORP,
INC. TO
COMBINE TO CREATE NEW JERSEY’S PREMIER SUPER-COMMUNITY BANKING
FRANCHISE
    * LAKELAND BANCORP INC - PROPOSED DEAL FOR VALUED AT
APPROXIMATELY
$1.3 BILLION
    * LAKELAND BANCORP INC - COMBINED COMPANY WILL HAVE MORE
THAN $25
BILLION IN ASSETS AND $20 BILLION IN TOTAL DEPOSITS
    * LAKELAND BANCORP INC - LAKELAND WILL MERGE WITH AND INTO
PROVIDENT, WITH PROVIDENT AS SURVIVING CORPORATION
    * LAKELAND BANCORP INC - COMBINED COMPANY WILL TRADE UNDER
PROVIDENT TICKER SYMBOL "PFS" ON NEW YORK STOCK EXCHANGE
    * LAKELAND BANCORP INC - LAKELAND BANK WILL MERGE WITH AND
INTO
PROVIDENT BANK, WITH PROVIDENT BANK AS SURVIVING BANK
    * LAKELAND BANCORP - POST CLOSING OF DEAL, CO'S SHAREHOLDERS
TO
GET 0.8319 SHARES OF PROVIDENT COMMON STOCK FOR EACH SHARE OF
LAKELAND STOCK THEY OWN
    * LAKELAND BANCORP INC - PROVIDENT SHAREHOLDERS WILL OWN 58%
AND
LAKELAND SHAREHOLDERS WILL OWN 42% OF COMBINED COMPANY
    * LAKELAND BANCORP- COMBINED CO WILL OPERATE UNDER
"PROVIDENT
FINANCIAL SERVICES, INC." NAME AND COMBINED BANK WILL OPERATE
UNDER "PROVIDENT BANK" NAME
    * LAKELAND BANCORP INC - ADMINISTRATIVE HEADQUARTERS OF
COMBINED
COMPANY WILL BE LOCATED IN ISELIN, NEW JERSEY
    * LAKELAND BANCORP - COMBINED CO'S BOARD TO HAVE SIXTEEN
DIRECTORS, CONSISTING OF NINE DIRECTORS FROM PROVIDENT AND SEVEN
DIRECTORS FROM LAKELAND
    * LAKELAND BANCORP - CHRISTOPHER MARTIN, PROVIDENT'S CURRENT
EXECUTIVE CHAIRMAN, WILL CONTINUE TO SERVE AS EXECUTIVE CHAIRMAN
OF COMBINED COMPANY BOARD
    * LAKELAND BANCORP- ANTHONY LABOZZETTA, PROVIDENT'S CURRENT
PRESIDENT AND CHIEF EXECUTIVE OFFICER, WILL CONTINUE TO SERVE IN
THAT ROLE IN COMBINED CO
    * LAKELAND BANCORP- THOMAS LYONS, PROVIDENT'S CURRENT SENIOR
EXECUTIVE VICE PRESIDENT AND CFO, WILL CONTINUE TO SERVE IN THAT
ROLE IN COMBINED CO

Source text for Eikon:  ID:nGNX5pjh5M 
Further company coverage:  LBAI.O 
 ((Reuters.Briefs@thomsonreuters.com;))