Lakeland Bancorp, Inc. and 1st Constitution Bancorp Announce the Receipt of Shareholder Approvals in Connection with Proposed Merger
December 07 2021 - 4:15PM
Lakeland Bancorp, Inc. (“Lakeland”) (NASDAQ: LBAI), the parent
company of Lakeland Bank, and 1st Constitution Bancorp
(“1st Constitution”) (NASDAQ: FCCY), the parent company of
1st Constitution Bank, announced the receipt of their
respective shareholder approvals in connection with the proposed
merger of 1st Constitution with and into Lakeland.
The closing of the proposed merger remains subject to the
approval of or waiver by the Board of Governors of the Federal
Reserve System and certain other customary closing conditions. The
merger is expected to close in January 2022.
About Lakeland Bancorp, Inc.
Lakeland Bancorp, Inc. has an extensive branch network and
commercial lending centers throughout New Jersey and in Highland
Mills, New York, and offers business and retail banking products
and services. Business services include commercial loans and lines
of credit, commercial real estate loans, loans for healthcare
services, asset-based lending, equipment financing, small business
loans and lines and cash management services. Consumer services
include online and mobile banking, home equity loans and lines,
mortgage options and wealth management solutions. Lakeland is proud
to be recognized as one of New Jersey’s Best-In State
Banks by Forbes and Statista, rated a 5-Star Bank by
Bauer Financial and named one of New Jersey’s 50 Fastest Growing
Companies by NJBIZ. As of September 30, 2021, Lakeland had
consolidated total assets, total loans, total deposits and total
stockholders’ equity of $8.17 billion, $5.88 billion,
$6.93 billion and $814.1 million, respectively.
About 1st Constitution Bancorp
1st Constitution Bancorp is a bank holding company
headquartered and maintaining its main office in Cranbury, New
Jersey with additional offices in Asbury Park, Fair Haven, Fort
Lee, Freehold, Hamilton, Hightstown, Hillsborough, Hopewell,
Jackson, Jamesburg, Lawrenceville, Little Silver, Long Branch,
Manahawkin, Neptune City, Perth Amboy, Plainsboro, Princeton, Rocky
Hill, Rumson, Shrewsbury and Toms River, New Jersey. Founded in
1989, 1st Constitution provides deposit and loan banking
products and services to corporations, individuals, partnerships
and other community organizations throughout the central, coastal,
and northeastern areas of New Jersey. As of September 30, 2021,
1st Constitution had consolidated total assets, total loans,
total deposits and total shareholders’ equity of $1.91 billion,
$1.20 billion, $1.64 billion and $199.9 million,
respectively. 1st Constitution is proud to be recognized by
Newsweek Magazine as the “Best Small Bank in New Jersey!”
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking statements with
respect to the proposed merger and the timing of consummation of
the merger that are made in reliance upon the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The words “anticipates”, “projects”, “intends”, “estimates”,
“expects”, “believes”, “plans”, “may”, “will”, “should”, “could”
and other similar expressions are intended to identify such forward
looking statements. These forward-looking statements are
necessarily speculative and speak only as of the date made, and are
subject to numerous assumptions, risks and uncertainties, all of
which may change over time. Actual results could differ materially
from such forward-looking statements. The following factors, among
others, could cause actual results to differ materially and
adversely from such forward-looking statements: failure to obtain
Federal Reserve Board approval or waiver (and the risk that such
approval may result in the imposition of conditions that could
adversely affect the combined company); failure to satisfy any of
the other conditions to the transaction on a timely basis or at all
or other delays in completing the transaction; the magnitude and
duration of the COVID-19 pandemic and its
impact on the global economy and financial market conditions and
the business, results of operations, and financial condition of
Lakeland or 1st Constitution; the occurrence of any event, change
or other circumstances that could give rise to the right of one or
both of the parties to terminate the merger agreement; the outcome
of any legal proceedings that may be instituted against Lakeland or
1st Constitution; failure to realize anticipated efficiencies and
synergies if the merger is consummated; material adverse changes in
Lakeland’s or 1st Constitution’s operations or earnings; decline in
the economy in Lakeland’s and 1st Constitution’s primary market
areas; potential adverse reactions or changes to business or
employee relationships, including those resulting from the
announcement or completion of the transaction; the dilution caused
by Lakeland’s issuance of additional shares of its capital stock in
connection with the merger; and other factors that may affect the
future results of Lakeland or 1st Constitution. Additional factors
that could cause results to differ materially from those described
above can be found in Lakeland’s Annual Report
on Form 10-K for the year ended
December 31, 2020 and in its subsequent Quarterly Reports
on Form 10-Q, including in the respective Risk
Factors sections of such reports, as well as in subsequent filings
with the Securities and Exchange Commission (the “SEC”), each of
which is on file with the SEC and available in the “Investor
Relations” section of Lakeland’s website, www.lakelandbank.com, and
in other documents Lakeland files with the SEC, and in 1st
Constitution’s Annual Report
on Form 10-K for the year ended
December 31, 2020 and in its subsequent Quarterly Reports
on Form 10-Q, including in the respective Risk
Factors sections of such reports, as well as in subsequent SEC
filings, each of which is on file with and available in the
“Investor Relations” section of 1st Constitution’s website,
www.1stconstitution.com, under the heading “SEC Filings” and in
other documents 1st Constitution files with the SEC.
Neither Lakeland nor 1st Constitution assumes any obligation for
updating any such forward-looking statements at any time.
Contact:
Lakeland Bancorp, Inc.:Thomas J. SharaPresident
and CEOThomas F. SplaineEVP & CFO973-697-2000
1st Constitution Bancorp:
Robert F. ManganoPresident and CEO609-655-4500
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