Provident Financial Services, Inc. Completes Merger with Lakeland Bancorp, Inc.

Combines the Best of Two Highly Regarded Banks to Create the Premier Super Community Bank in the Region

Company Names New Board Members and Executive Leadership Team

ISELIN, N.J., May 16, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE: PFS) (“Provident”) announced today 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 (the “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% and Lakeland shareholders will own 42% 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.”