Lakeland Bancorp, Inc. Completes Merger with 1st Constitution Bancorp
07 January 2022 - 9:05AM
Lakeland Bancorp, Inc. (NASDAQ: LBAI) (“Lakeland”) announced that
its acquisition of 1st Constitution Bancorp (NASDAQ: FCCY) (“1st
Constitution”) was completed effective January 6, 2022.
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.
Effective January 6, 2022, 1st Constitution’s wholly-owned
subsidiary, 1st Constitution Bank, was merged into
Lakeland Bank. As of September 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
5th 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.
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.
About Lakeland Bancorp, Inc.
Lakeland Bancorp, Inc. has an extensive branch network and
commercial lending centers throughout New Jersey and in Highland
Mills, New York, and offers business and retail banking products
and services. 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. Consumer services
include online and mobile banking, home equity loans and lines,
mortgage options and wealth management solutions. Lakeland is proud
to be recognized as one of New Jersey’s Best-In State
Banks by Forbes and Statista, rated a 5-Star Bank by
Bauer Financial and named one of New Jersey’s 50 Fastest Growing
Companies by NJBIZ. As of September 30, 2021, Lakeland had
consolidated total assets, total loans, total deposits and total
stockholders’ equity of $8.17 billion, $5.88 billion,
$6.93 billion and $814.1 million, respectively.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking statements with
respect to the proposed merger and the timing of consummation of
the merger that are made in reliance upon the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The words “anticipates”, “projects”, “intends”, “estimates”,
“expects”, “believes”, “plans”, “may”, “will”, “should”, “could”
and other similar expressions are intended to identify such forward
looking statements. These forward-looking statements are
necessarily speculative and speak only as of the date made, and are
subject to numerous assumptions, risks and uncertainties, all of
which may change over time. Actual results could differ materially
from such forward-looking statements. The following factors, among
others, could cause actual results to differ materially and
adversely from such forward-looking statements: the magnitude and
duration of the COVID-19 pandemic and its
impact on the global economy and financial market conditions and
the business, results of operations, and financial condition of
Lakeland; the outcome of any legal proceedings instituted against
Lakeland or 1st Constitution; failure to realize anticipated
efficiencies and synergies of the merger; material adverse changes
in Lakeland’s operations or earnings; decline in the economy in
Lakeland’s primary market area; potential adverse reactions or
changes to business or employee relationships, including those
resulting from the announcement or completion of the transaction;
the dilution caused by Lakeland’s issuance of additional shares of
its capital stock in connection with the merger; and other factors
that may affect the future results of Lakeland. Additional factors
that could cause results to differ materially from those described
above can be found in Lakeland’s Annual Report
on Form 10-K for the year ended
December 31, 2020 and in its subsequent Quarterly Reports
on Form 10-Q, including in the respective Risk
Factors sections of such reports, as well as in subsequent filings
with the Securities and Exchange Commission (the “SEC”), each of
which is on file with the SEC and available in the “Investor
Relations” section of Lakeland’s website, www.lakelandbank.com, and
in other documents Lakeland files with the SEC.
Except as required by law, Lakeland assumes no obligation to
update any forward-looking statements at any time.
Contact:
Lakeland Bancorp, Inc.:Thomas J. SharaPresident
and Chief Executive Officer
Thomas F. SplaineExecutive Vice President and Chief Financial
Officer973-697-2000
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