8-K
filed May 16, 2024, 7:59 PM ET
CIK 0000846901
M&A
confidence high
sentiment neutral
materiality 1.00
LAKELAND BANCORP INC: M&A transaction — Lakeland Bancorp merger with Provident Financial closes; shares converted at 0.8319 ratio
LAKELAND BANCORP INC
- Merger effective after close May 15, 2024; each Lakeland share exchanged for 0.8319 Provident shares.
- Lakeland directors and officers ceased; five former Lakeland directors joined Provident board, Shara as Exec Vice Chairman.
- Lakeland common stock delisted from NASDAQ and to be deregistered under Section 12(b) and 12(g) of Exchange Act.
- Lakeland restricted stock awards/units converted to Provident equity; performance vesting deemed at target.
- Bank merger of Lakeland Bank into Provident Bank completed May 16, 2024 before market open.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert E. McCracken was appointed as Director at LAKELAND BANCORP INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following individuals, each of whom was a member of the board of directors of Lakeland immediately prior to consummation of the Merger, were appointed to the board of directors of Provident: Thomas J. Shara, Brian M. Flynn, Brian Gragnolati, James E. Hanson II and Robert E. McCracken.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian Gragnolati departed as Director at LAKELAND BANCORP INC.
- Action
- ceased serving
- Role
- Director
Exact text from the filing
As of the Effective Time, and pursuant to the terms of the Merger Agreement, Lakeland’s directors and executive officers ceased serving as directors and executive officers of Lakeland.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas J. Shara departed as Director at LAKELAND BANCORP INC.
- Action
- ceased serving
- Role
- Director
Exact text from the filing
As of the Effective Time, and pursuant to the terms of the Merger Agreement, Lakeland’s directors and executive officers ceased serving as directors and executive officers of Lakeland.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James E. Hanson II was appointed as Director at LAKELAND BANCORP INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following individuals, each of whom was a member of the board of directors of Lakeland immediately prior to consummation of the Merger, were appointed to the board of directors of Provident: Thomas J. Shara, Brian M. Flynn, Brian Gragnolati, James E. Hanson II and Robert E. McCracken.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian Gragnolati was appointed as Director at LAKELAND BANCORP INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following individuals, each of whom was a member of the board of directors of Lakeland immediately prior to consummation of the Merger, were appointed to the board of directors of Provident: Thomas J. Shara, Brian M. Flynn, Brian Gragnolati, James E. Hanson II and Robert E. McCracken.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas J. Shara was appointed as Executive Vice Chairman at LAKELAND BANCORP INC.
- Action
- serving as
- Role
- Executive Vice Chairman
Exact text from the filing
As of the Effective Time and in accordance with the Merger Agreement, Mr. Shara is serving as the Executive Vice Chairman of Provident.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert E. McCracken departed as Director at LAKELAND BANCORP INC.
- Action
- ceased serving
- Role
- Director
Exact text from the filing
As of the Effective Time, and pursuant to the terms of the Merger Agreement, Lakeland’s directors and executive officers ceased serving as directors and executive officers of Lakeland.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas J. Shara was appointed as Director at LAKELAND BANCORP INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following individuals, each of whom was a member of the board of directors of Lakeland immediately prior to consummation of the Merger, were appointed to the board of directors of Provident: Thomas J. Shara, Brian M. Flynn, Brian Gragnolati, James E. Hanson II and Robert E. McCracken.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James E. Hanson II departed as Director at LAKELAND BANCORP INC.
- Action
- ceased serving
- Role
- Director
Exact text from the filing
As of the Effective Time, and pursuant to the terms of the Merger Agreement, Lakeland’s directors and executive officers ceased serving as directors and executive officers of Lakeland.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian M. Flynn was appointed as Director at LAKELAND BANCORP INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following individuals, each of whom was a member of the board of directors of Lakeland immediately prior to consummation of the Merger, were appointed to the board of directors of Provident: Thomas J. Shara, Brian M. Flynn, Brian Gragnolati, James E. Hanson II and Robert E. McCracken.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian M. Flynn departed as Director at LAKELAND BANCORP INC.
- Action
- ceased serving
- Role
- Director
Exact text from the filing
As of the Effective Time, and pursuant to the terms of the Merger Agreement, Lakeland’s directors and executive officers ceased serving as directors and executive officers of Lakeland.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
LAKELAND BANCORP INC underwent a change of control involving Provident Financial Services, Inc. for 0.8319 shares of Provident Common Stock per share of Lakeland Common Stock (closed 2024-05-15).
- Action
- change of control
- Counterparty
- Provident Financial Services, Inc.
- Consideration
- 0.8319 shares of Provident Common Stock per share of Lakeland Common Stock
- Closing
- 2024-05-15
Exact text from the filing
(“Lakeland Common Stock”) outstanding immediately prior to the Effective Time, other than certain shares held by Lakeland or Provident, was converted into the right to receive 0.8319 of a share (the “Exchange Ratio”) of common stock, par value $0.01 per share, of Provident (“Provident Common Stock” and such consideration, the “Merger Consideration”). Holders
View on SEC.gov
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