Provident Financial Services, Inc. and Lakeland Bancorp, Inc. Announce the Receipt of Shareholder Approvals in Connection with Proposed Merger
February 01 2023 - 5:00PM
Provident Financial Services, Inc. (NYSE: PFS) (“Provident”), the
parent company of Provident Bank, and Lakeland Bancorp, Inc.
(Nasdaq: LBAI) (“Lakeland”), the parent company of Lakeland Bank,
today announced the receipt of their respective stockholder and
shareholder approvals in connection with the proposed merger of
Lakeland with and into Provident.
The closing of the proposed merger remains
subject to regulatory approvals and certain other customary closing
conditions.
About Provident Financial Services, Inc.
Provident Financial Services, Inc. is the
holding company for Provident Bank, a community-oriented bank
offering "commitment you can count on" since 1839. Provident Bank
provides a comprehensive array of financial products and services
through its network of branches throughout northern and central New
Jersey, as well as Bucks, Lehigh and Northampton counties in
Pennsylvania and Queens and Nassau counties, New York. The Bank
also provides fiduciary and wealth management services through its
wholly owned subsidiary, Beacon Trust Company and insurance
services through its wholly owned subsidiary, Provident Protection
Plus, Inc.
About Lakeland Bancorp, Inc.
Lakeland Bank is the wholly-owned subsidiary of
Lakeland Bancorp, Inc. (NASDAQ:LBAI), which had $10.8 billion in
total assets at December 31, 2022. With an extensive branch network
and commercial lending centers throughout New Jersey and Highland
Mills, New York, Lakeland Bank 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 New Jersey's Best-In
State-Bank by Forbes and Statista for the fourth consecutive year,
Best Banks to Work For by American Banker, rated a 5-Star Bank by
Bauer Financial and named one of New Jersey's 50 Fastest Growing
Companies by NJBIZ.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, with respect to Provident’s and Lakeland’s beliefs, goals,
intentions, and expectations regarding the proposed transaction,
revenues, earnings, earnings per share, loan production, asset
quality, and capital levels, among other matters; our estimates of
future costs and benefits of the actions we may take; our
assessments of probable losses on loans; our assessments of
interest rate and other market risks; our ability to achieve our
financial and other strategic goals; the expected timing of
completion of the proposed transaction; the expected cost savings,
synergies and other anticipated benefits from the proposed
transaction; and other statements that are not historical
facts.
Forward‐looking statements are typically
identified by such words as “believe,” “expect,” “anticipate,”
“intend,” “outlook,” “estimate,” “forecast,” “project,” “should,”
and other similar words and expressions, and are subject to
numerous assumptions, risks, and uncertainties, which change over
time. These forward-looking statements include, without limitation,
those relating to the terms, timing and closing of the proposed
transaction.
Additionally, forward‐looking statements speak
only as of the date they are made; Provident and Lakeland do not
assume any duty, and do not undertake, to update such
forward‐looking statements, whether written or oral, that may be
made from time to time, whether as a result of new information,
future events, or otherwise. Furthermore, because forward‐looking
statements are subject to assumptions and uncertainties, actual
results or future events could differ, possibly materially, from
those indicated in such forward-looking statements as a result of a
variety of factors, many of which are beyond the control of
Provident and Lakeland. Such statements are based upon the current
beliefs and expectations of the management of Provident and
Lakeland and are subject to significant risks and uncertainties
outside of the control of the parties. Caution should be exercised
against placing undue reliance on forward-looking statements. The
factors that could cause actual results to differ materially
include the following: 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 definitive merger agreement between
Provident and Lakeland; the outcome of any legal proceedings that
may be instituted against Provident or Lakeland; the possibility
that the proposed transaction will not close when expected or at
all because required regulatory or other approvals are not received
or other conditions to the closing are not satisfied on a timely
basis or at all, or are obtained subject to conditions that are not
anticipated (and the risk that required regulatory approvals may
result in the imposition of conditions that could adversely affect
the combined company or the expected benefits of the proposed
transaction); the ability of Provident and Lakeland to meet
expectations regarding the timing, completion and accounting and
tax treatments of the proposed transaction; the risk that any
announcements relating to the proposed transaction could have
adverse effects on the market price of the common stock of either
or both parties to the proposed transaction; the possibility that
the anticipated benefits of the proposed transaction will not be
realized when expected or at all, including as a result of the
impact of, or problems arising from, the integration of the two
companies or as a result of the strength of the economy and
competitive factors in the areas where Provident and Lakeland do
business; certain restrictions during the pendency of the proposed
transaction that may impact the parties’ ability to pursue certain
business opportunities or strategic transactions; the possibility
that the transaction may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
diversion of management’s attention from ongoing business
operations and opportunities; the possibility that the parties may
be unable to achieve expected synergies and operating efficiencies
in the merger within the expected timeframes or at all and to
successfully integrate Lakeland’s operations and those of
Provident; such integration may be more difficult, time consuming
or costly than expected; revenues following the proposed
transaction may be lower than expected; Provident’s and Lakeland’s
success in executing their respective business plans and strategies
and managing the risks involved in the foregoing; the dilution
caused by Provident’s issuance of additional shares of its capital
stock in connection with the proposed transaction; effects of the
announcement, pendency or completion of the proposed transaction on
the ability of Provident and Lakeland to retain customers and
retain and hire key personnel and maintain relationships with their
suppliers, and on their operating results and businesses generally;
and risks related to the potential impact of general economic,
political and market factors on the companies or the proposed
transaction and other factors that may affect future results of
Provident and Lakeland; uncertainty as to the extent of the
duration, scope, and impacts of the COVID-19 pandemic on Provident,
Lakeland and the proposed transaction. These and other
factors that could cause actual results to differ materially from
those expressed in the forward-looking statements are discussed in
Provident’s and Lakeland’s reports (such as the Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K) filed with the Securities and Exchange Commission (the
“SEC”) and available at the SEC’s Internet website (www.sec.gov).
All subsequent written and oral forward-looking statements
concerning the proposed transaction or other matters attributable
to Provident or Lakeland or any person acting on their behalf are
expressly qualified in their entirety by the cautionary statements
above. Except as required by law, Provident and Lakeland do not
undertake any obligation to update any forward-looking statement to
reflect circumstances or events that occur after the date the
forward-looking statement is made.
Contact:
Provident Financial Services, Inc.Investor
Relations Contact:Thomas LyonsSEVP & Chief Financial
Officer(732) 590-9348
Lakeland Bancorp, Inc.Investor Relations
Contacts:Thomas J. SharaPresident & Chief Executive
Officer(973) 697-2000
Thomas F. SplaineEVP & Chief Financial Officer(973)
697-2000
Lakeland Bancorp (NASDAQ:LBAI)
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