Provident Financial Services, Inc. (Provident) announced yesterday that its merger with Lakeland Bancorp, Inc. (Lakeland) was completed, creating the premier super community banking franchise in the region. The merger of Lakeland Bank with and into Provident Bank has also been completed. In accordance with the Agreement and Plan of Merger dated as of September 26, 2022, as amended (Merger Agreement), at the close of the transaction Lakeland shareholders have the right to receive 0.8319 of a share of Provident common stock for each share of Lakeland common stock they owned immediately prior to the effective time of the merger, along with cash in lieu of fractional shares. Following the closing, Provident shareholders own 58 per cent and Lakeland shareholders will own 42 per cent of the combined company.
