Provident Financial Services, Inc. announced the completion of its merger with Lakeland Bancorp, Inc., forming a premier super community banking franchise with combined assets of approximately $24.5 billion. The merger agreement grants Lakeland shareholders 0.8319 of a share of Provident common stock for each share of Lakeland stock, while Provident shareholders will own 58% of the combined company and Lakeland shareholders 42%. The newly combined entity will operate under the Provident Financial Services name, maintaining a strong presence across New Jersey, New York, and Pennsylvania with 140 branches. The executive leadership team and board will include members from both companies, strategically positioned for diverse revenue streams and robust commercial banking capabilities. Five new directors have been appointed from Lakeland’s former board, and several Provident board members have retired. A system conversion for full integration is expected by early September 2024.

Banking and Financial Services, Mergers and Acquisitions,United States

https://www.globenewswire.com/news-release/2024/05/16/2883332/25661/en/Provident-Financial-Services-Inc-Completes-Merger-with-Lakeland-Bancorp-Inc.html