On September 27, 2022, Lakeland Bancorp, Inc., Oak Ridge, New Jersey, announced the signing of a merger agreement with Provident Financial Services, Inc., Iselin, New Jersey, pursuant to which Lakeland Bancorp will merge with and into Provident in an all-stock transaction valued at approximately $1.3 billion, which represents the second-largest U.S. bank deal announced in 2022. The executive leadership team and board of directors of the surviving company will consist of a combination of the two organizations.

Lakeland Bancorp, Inc. is the holding company for Lakeland Bank and has approximately $10.4 billion in total assets.

Provident Financial Services, Inc. is the holding company for Provident Bank and has approximately $13.7 billion in total assets.

Luse Gorman is serving as legal counsel to Lakeland Bancorp in the transaction. The Luse Gorman team consists of John Gorman, Marc Levy, Max Seltzer, Greg Sobczak, Ellie Cook and Brendan Saxon.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.