Provident Financial gets regulatory approvals for Lakeland merger; must raise $200M sub-debt

PROVIDENT FINANCIAL SERVICES INC

FDIC, Fed, and NJ DOI approved merger with Lakeland Bancorp; conditions include $200M Tier 2 subordinated debt raise.
Merger agreement extended to June 30, 2024; completion expected in Q2 2024.
Provident Bank must maintain Tier 1 leverage ≥8.5% and total capital ratio ≥11.25% for three years post-merger.
Pro forma consolidated Tier 1 leverage ratio 7.82% and total RBC 12.16% after $200M sub-debt issuance.
Loan portfolio diversification: pro forma CRE (incl. multi-family) / total RBC = 491%, C&D / total RBC = 45.5%.

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