Provident gets Fed approval for Lakeland merger; must issue $200M sub-debt

PROVIDENT FINANCIAL SERVICES INC

Federal Reserve approved Provident-Lakeland merger; no further regulatory approvals required.
Condition: Provident must issue $200M Tier 2 subordinated debt before or concurrent with closing.
Provident committed to submit capital plan within 60 days post-merger and restrict capital distributions for 2 years.
Merger expected to close in Q2 2024, subject to sub-debt issuance and customary closing conditions.

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