secwatch.observer — SEC 8-K summary
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Issuer:     PROVIDENT FINANCIAL SERVICES INC (PFS)
CIK:        0001178970
Form:       8-K
Filed at:   2024-05-13T23:59:59+00:00
Accession:  0001193125-24-136926
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1178970/000119312524136926/0001193125-24-136926-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1178970/000119312524136926/d808773d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-136926

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