Provident (PFS) & Lakeland (LBAI) Get Conditional Nod for Merger [Yahoo! Finance]
Lakeland Bancorp, Inc. (LBAI)
Last lakeland bancorp, inc. earnings: 4/30 08:00 am
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Source: Yahoo! Finance
and the New Jersey Department of Banking and Insurance to complete their previously announced merger. The deal was announced in September 2022. The approval is based on “certain conditions and commitments,” which PFS needs to fulfill before the completion of the deal. The company needs to complete a $200 million capital raise. For this, PFS plans to raise $200 million of Tier 2 qualifying subordinated debt. Also, Provident Financial will have to maintain a Tier 1 capital to total asset leverage ratio of at least 8.5% and a total capital to risk-based asset ratio of 11.25% or above for the three years since the completion of the deal. Further, the company will be required to maintain its ratio of commercial real estate loans to total capital and reserves at or below “the levels set forth in the three-year projections supporting its regulatory applications.” Additionally, the combined companies' board of directors will comprise nine directors from Provident Financial and five dire
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LBAI
News
- Lakeland Bancorp, Inc. (NASDAQ: LBAI) had its price target lowered by analysts at Keefe, Bruyette & Woods from $16.65 to $14.15. They now have a "market perform" rating on the stock.MarketBeat
- Lakeland Bancorp, Inc. (NASDAQ: LBAI) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Lakeland Bancorp Announces First Quarter Results [Yahoo! Finance]Yahoo! Finance
- Lakeland Bancorp Announces First Quarter ResultsGlobeNewswire
- Lakeland Bancorp, Inc. (NASDAQ: LBAI) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
LBAI
Earnings
- 4/19/24 - Beat
LBAI
Sec Filings
- 4/26/24 - Form 10-Q
- 4/19/24 - Form 8-K
- 4/12/24 - Form 8-K
- LBAI's page on the SEC website