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Lakeland Bancorp Completes Merger with 1st Constitution Bancorp

January 10, 2022, 07:18 AM
Filed Under: Mergers & Acquisitions

Lakeland Bancorp, Inc. announced its acquisition of 1st Constitution Bancorp was completed effective Jan. 6.

1st Constitution’s wholly owned subsidiary, 1st Constitution Bank, was merged into Lakeland Bank. As of Sept. 30, 2021, 1st Constitution had approximately $1.91 billion in assets, $1.20 billion in loans and $1.64 billion in deposits. The acquisition represents a significant addition to Lakeland’s New Jersey franchise and the combined organization will have over $10 billion in assets and rank as the fifth largest bank headquartered in New Jersey. Full systems integration is expected to be completed in the first quarter of 2022.

“We are excited to welcome the customers, employees and shareholders of 1st Constitution to the Lakeland team. We look forward to Robert F. Mangano joining our Boards of Directors,” said Thomas Shara, President and Chief Executive Officer of Lakeland.

Lakeland will issue approximately 14.1 million shares of common stock in the transaction. The common shareholders of 1st Constitution will receive 1.3577 shares of Lakeland common stock for each 1st Constitution share that they own.

Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor and Luse Gorman, PC provided legal counsel to Lakeland. Raymond James & Associates served as financial advisor and Day Pitney LLP provided legal counsel to 1st Constitution.

Lakeland Bancorp, Inc. has an extensive branch network and commercial lending centers throughout New Jersey and in Highland Mills, NY. Its 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.

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