Provident Financial Services, Inc. Receives FDIC And New Jersey Department Of Banking And Insurance Approvals For Its Merger With Lakeland Bancorp, Inc.
Portfolio Pulse from Benzinga Newsdesk
Provident Financial Services, Inc. (PFS) and Lakeland Bancorp, Inc. (LBAI) have received regulatory approvals from the FDIC and the New Jersey Department of Banking and Insurance for their merger. The only remaining approval needed is from the Federal Reserve. The merger, expected to complete in Q2, will see the combined entity operate under the Provident name, aiming for growth and enhanced service offerings. Provident must raise $200 million in Tier 2 subordinated debt and adhere to specific capital and lending ratios post-merger.
March 25, 2024 | 5:01 pm
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Lakeland Bancorp, Inc. is set to merge with Provident Financial Services, Inc., following regulatory approvals, aiming to create a stronger banking entity.
Lakeland Bancorp's merger with Provident Financial Services is seen positively, with regulatory hurdles being cleared. The merger is expected to enhance the combined entity's market position, despite the requirement for Provident to raise substantial debt.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Provident Financial Services, Inc. has received key regulatory approvals for its merger with Lakeland Bancorp, Inc., aiming for enhanced scale and service offerings.
The merger's progress, with most regulatory approvals secured, suggests a positive outlook for Provident Financial Services. The requirement to raise $200 million could introduce short-term financial pressure but is likely to be viewed as a step towards a stronger, merged entity.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90