Provident Financial Services Inc. (PFS), the parent company of Provident Bank, and Lakeland Bancorp Inc. (LBAI), the parent company of Lakeland Bank, announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System for Provident and Lakeland to complete their merger. With this approval, no further regulatory approvals are required to complete the merger.
The Federal Reserve approval is subject to a commitment by Provident to issue $200 million of Tier 2 qualifying subordinated debt prior to or concurrently with the completion of the merger.
In addition, Provident has committed to submitting, within 60 days following the completion of the merger, a capital plan to the Federal Reserve Bank of New York to maintain satisfactory capital at the bank holding company, and for two years following completion of the merger to provide the Federal Reserve Bank of New York 30 days' prior written notice of any capital distribution, which capital distribution shall be consistent with the capital plan.
The merger is expected to be completed in the second calendar quarter.
In September 2022, Provident Financial Services and Lakeland Bancorp said that they entered into a definitive merger agreement pursuant to which the companies would combine in an all-stock merger, valued at approximately $1.3 billion.
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