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Provident Financial Services Merges with Lakeland Bancorp, Forms Executive Team

May 17, 2024, 07:23 AM
Filed Under: Mergers & Acquisitions

Provident Financial Services announced its merger with Lakeland Bancorp 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 Sept. 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 percent and Lakeland shareholders will own 42 percent of the combined company.

On a pro forma basis, the combined company will have approximately $24.5 billion of assets, $18.8 billion of loans, deposits of $18.6 billion, and total stockholders’ equity of $2.3 billion. The combined company will operate under the “Provident Financial Services, Inc.” name and the combined bank will operate under the “Provident Bank” name and will operate 140 branches across New Jersey and parts of New York and Pennsylvania.

The combined organization is strategically positioned to benefit from a diverse revenue and earnings stream; an expansive retail banking network; strong positions in several lines of business, including commercial real estate, residential mortgage origination, asset-based lending, and equipment lease financing; along with a robust commercial banking platform. The combined company will also benefit from two fee-based business lines with its Beacon Trust wealth management subsidiary and Provident Protection Plus insurance subsidiary.

Commenting on the completion of the merger, Anthony Labozzetta, President and CEO, said, “We are extremely pleased and excited to announce the completion of our merger with Lakeland. The merger creates a company with significant scale and capabilities with a strong capital base and low credit risk profile. In Lakeland we found a like-minded partner that shares our vision, values, and commitment to our employees, customers, shareholders, and communities.”

“Our employees will benefit from greater opportunities and resources that a bank with nearly $25 billion in assets possesses, customers will benefit by having access to a wider array of products and services driven by enhanced technology, and our communities will benefit from our commitment to helping those in need, which dates back to 1839. More importantly, the entire organization benefits from having a dynamic and experienced executive leadership team selected from both companies. I am delighted to welcome Lakeland's team members to Provident.”

The company also formally named the other members of its executive leadership team. In addition to Labozzetta and Thomas J. Shara, Executive Vice Chairman and Lakeland’s former President and CEO:

  • Thomas Lyons, Senior Executive Vice President and Chief Financial Officer
  • James Christy, Executive Vice President and Chief Risk Officer
  • Joseph Covell, Senior Vice President and General Auditor
  • Vito Giannola, Executive Vice President and Chief Banking Officer
  • George Lista, President and CEO, Provident Protection Plus, Inc.
  • Bennett MacDougall, Executive Vice President and General Counsel
  • Timothy Matteson, Executive Vice President and Chief Administrative Officer
  • Valerie Murray, Executive Vice President and Chief Wealth Management Officer
  • James Nigro, Executive Vice President and Chief Credit Officer
  • Carolyn Powell, Executive Vice President and Chief Human Resources Officer
  • John Rath, Executive Vice President and Chief Lending Officer
  • Ravi Vakacherla, Executive Vice President and Chief Digital and Innovation Officer

See the full release here.

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