Provident Financial drops on Lakeland Bancorp buyout deal

Provident Financial Services

27/09/2022 18:17

** Shares of Provident Financial Services Inc  PFS.N ,
parent co of Provident Bank, fall ~13% to $20.17 
    ** Stock touches lowest in more than a year
    ** New Jersey-based PFS to merge with Lakeland Bancorp Inc
 LBAI.O  in a deal valued at nearly $1.3 billion  urn:newsml:reuters.com:*:nL4N30Y2DG 
    ** Combined co to have more than $25 billion in assets and
$20 billion in total deposits
    ** Post deal close, PFS shareholders to own 58% in the
combined co, and LBAI shareholders to own the rest
    ** PFS CEO Anthony Labozzetta to head the combined co
    ** YTD, the stock has fallen ~17%
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))