OAK RIDGE, NJ, January 6, 2022 (GLOBE NEWSWIRE) – Lakeland Bancorp, Inc. (NASDAQ: LBAI) (“Lakeland”) has announced the acquisition of 1st Constitution Bancorp (NASDAQ: FCCY) (“1st Constitution”) a was completed on January 6, 2022.
Lakeland will issue approximately 14.1 million common shares as part of the transaction. Ordinary shareholders of 1st Constitution will receive 1.3577 ordinary shares of Lakeland for each share of 1st Constitution they own.
Effective January 6, 2022, the wholly owned subsidiary of 1st Constitution, 1st Constitution Bank, merged with Lakeland Bank. As of September 30, 2021, the 1st Constitution had approximately $ 1.91 billion in assets, $ 1.20 billion in loans and $ 1.64 billion in deposits. Acquisition is a significant addition to the Lakeland New Jersey franchise and the combined organization will have more than $ 10 billion in assets and rank fifthe largest bank headquartered in New Jersey. Full systems integration is expected to be completed in the first quarter of 2022.
“We are delighted to welcome customers, employees and shareholders of 1st Constitution to the Lakeland team. We look forward to Robert F. Mangano joining our boards, ”said Thomas Shara, President and CEO of Lakeland.
Keefe, Bruyette & Woods, A Stifel Company, acted as financial advisor and Luse Gorman, CP provided legal advice to Lakeland. Raymond James & Associates acted as financial advisor and Day Pitney LLP provided legal advice to 1st Constitution.
About Lakeland Bancorp, Inc.
Lakeland Bancorp, Inc. has an extensive network of branches and commercial lending centers throughout New Jersey and Highland Mills, New York, and provides banking products and services to businesses and individuals. Business services include commercial loans and lines of credit, commercial real estate loans, health services loans, asset loans, equipment financing, small business loans and lines, and management services cash. 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 Top State Banks by Forbes and Statista, rated 5 stars by Bauer Financial, and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ . As of September 30, 2021, Lakeland had total consolidated assets, total loans, total deposits and total equity of $ 8.17 billion, $ 5.88 billion, $ 6.93 billion and 814 billion. , $ 1 million, respectively.
Cautions Regarding Forward-Looking Information
This press release contains forward-looking statements regarding the proposed merger and the timing of the completion of the merger which are made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “anticipate” , “Plans”, “intends”, “believes”, “expects”, “believes”, “is considering”, “may”, “will intend”, “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 of their publication, and are subject to many assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from these forward-looking statements. The following factors, among others, could cause actual results to differ materially and adversely from these forward-looking statements: the extent and duration of the COVID-19 pandemic and its impact on the global economy and market conditions financial and business affairs, results of operations and condition of Lakeland; the outcome of any legal proceedings against Lakeland or the 1st Constitution; failure to realize the efficiency gains and synergies expected from the merger; material adverse changes in Lakeland’s business or earnings; declining economy in Lakeland’s main market; potential unwanted reactions or changes in business relationships or with employees, including those resulting from the announcement or completion of the transaction; the dilution caused by Lakeland’s issuance of additional shares of its share capital as part of the merger; and other factors that may affect Lakeland’s future results. 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 report. The Factors sections of these reports, as well as in subsequent filings with the Securities and Exchange Commission (the “SEC”), each of which is filed with the SEC and available in the “Investor Relations” section of the website. Lakeland, www.lakelandbank .com, and in other documents that Lakeland files with the SEC.
Except as required by law, Lakeland assumes no obligation to update any forward-looking statements at any time.
Lakeland Bancorp, Inc .:
Thomas J. Shara
President and CEO
Thomas F. Splaine
Executive Vice President and Chief Financial Officer