---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-136926"
form_type: "8-K"
ticker: "PFS"
cik: "0001178970"
company_name: "PROVIDENT FINANCIAL SERVICES INC"
filed_at: "2024-05-13T23:59:59+00:00"
generated_at: "2026-06-02T01:57:04.299035+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Provident closes $225M subordinated notes offering; Lakeland merger to close May 15

## Summary
- Completed offering of $225M 9.00% fixed-to-floating subordinated notes due 2034 at par; net proceeds ~$219.3M.
- Notes pay 9% semi-annually through May 15, 2029, then floating at 3-month SOFR + 476.5 bps quarterly.
- Satisfies regulatory condition for Lakeland Bancorp merger; closing expected May 15, 2024 after market close.
- Proceeds invested in Provident Bank as Tier 1 capital; may repay FHLB advances and other debt.
- Piper Sandler and KBW acted as joint book-running managers; notes qualify as Tier 2 capital at holding company.

## SEC filing metadata
- accession: 0001193125-24-136926
- form_type: 8-K
- ticker: PFS
- cik: 0001178970
- company_name: PROVIDENT FINANCIAL SERVICES INC
- filed_at: 2024-05-13T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1178970/000119312524136926/0001193125-24-136926-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1178970/000119312524136926/d808773d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-136926
- JSON: https://secwatch.observer/filing/0001193125-24-136926.json
- Plain text: https://secwatch.observer/filing/0001193125-24-136926.txt

## Key facts
- Debt Financings
  PROVIDENT FINANCIAL SERVICES INC incurred senior notes of $225.0 million aggregate principal amount with Wilmington Trust, National Association at 9.00% Fixed-to-Floating Rate maturing due 2034.
  - Instrument: senior notes
  - Principal: $225.0 million aggregate principal amount
  - Counterparty: Wilmington Trust, National Association
  - Rate: 9.00% Fixed-to-Floating Rate
  - Maturity: due 2034
  - Event: incurrence
  source text: standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 1.01 Entry into a Material Definitive Agreement Pursuant to the previously announced offering of $225.0 million aggregate principal amount of 9.00% Fixed-to-Floating Rate Subordinated Notes due 2034 (the “Notes”) to be issued by Provident Financial Services, Inc. (the “Company”), the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1178970/000119312524136926/0001193125-24-136926-index.htm
- Material Agreements
  PROVIDENT FINANCIAL SERVICES INC entered into Indenture with Wilmington Trust, National Association valued at $225.0 million aggregate principal amount of 9.00% Fixed-to-Floating Rate Subordinated Notes due 203 (effective 2024-05-13).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Wilmington Trust, National Association
  - Value: $225.0 million aggregate principal amount of 9.00% Fixed-to-Floating Rate Subordinated Notes due 203
  - Effective: 2024-05-13
  source text: the Company and Wilmington Trust, National Association, as trustee entered into an Indenture dated as of May 13, 2024 (the “Base Indenture”) and a First Supplemental Indenture dated as of May 13, 2024 to the Base Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), providing for the issuance of the Notes.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1178970/000119312524136926/0001193125-24-136926-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.