Federal Reserve Approves $1.3 Billion Merger of Provident Financial and Lakeland Bancorp

The merger, expected to complete in Q2, brings Provident's assets to over $25 billion, making it the seventh largest bank in New Jersey.

Federal Reserve Board grants approval for the merger of Provident Financial Services and Lakeland Bancorp, enhancing Provident's market presence.
No further regulatory approvals are needed following the Fed's decision, with the merger set to finalize in the second quarter of 2024.
Provident commits to issuing $200 million in Tier 2 subordinated debt and submitting a capital plan to the Federal Reserve Bank of New York post-merger.
The merger faced scrutiny over past discriminatory lending practices by Lakeland, addressed through a DOJ consent order.
The combined entity will have over $25 billion in assets, positioning Provident as a major player in the New Jersey banking sector.