Provident Financial Services, Inc. and Lakeland Bancorp, Inc. Extend Merger Agreement To March 31, 2024, To Provide Additional Time To Obtain The Required Regulatory Approvals
Portfolio Pulse from Benzinga Newsdesk
Provident Financial Services, Inc. (PFS) and Lakeland Bancorp, Inc. (LBAI) have extended their merger agreement to March 31, 2024, to allow more time for obtaining necessary regulatory approvals. Both companies remain committed to the merger, which will operate under the Provident name and aims to enhance scale, growth, profitability, and customer service.
December 20, 2023 | 2:01 pm
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Lakeland Bancorp, Inc. has agreed to extend the merger agreement with Provident Financial Services, Inc. until March 31, 2024, to secure regulatory approvals.
The extension of the merger agreement with PFS indicates that LBAI is also committed to the merger, which is anticipated to bring about benefits such as increased scale and profitability. This development is likely to be seen as a positive step towards the completion of the merger, which could lead to a short-term positive impact on LBAI's stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Provident Financial Services, Inc. has extended its merger agreement with Lakeland Bancorp, Inc. to March 31, 2024, indicating a commitment to the merger and future growth.
The extension of the merger agreement suggests that PFS is committed to the acquisition, which is expected to enhance its scale and profitability. This news is likely to be viewed positively by investors as it reaffirms the company's growth strategy, potentially leading to a short-term increase in stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80