Provident Financial receives FDIC and NJ approvals for Lakeland merger; $200M sub-debt required

PROVIDENT FINANCIAL SERVICES INC

FDIC and NJ Department of Banking and Insurance approved the merger of Provident and Lakeland.
Approval conditions include a $200M capital raise via Tier 2 subordinated debt before closing.
Post-merger Provident Bank must maintain 8.5% Tier 1 leverage and 11.25% total capital ratios.
Combined board expected to have 9 directors from Provident and 5 from Lakeland.
Merger agreement extended to June 30, 2024; closing anticipated in Q2 2024 subject to Fed approval.

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