OAK RIDGE, NJ and CRANBURY, NJ, December 13, 2021 (GLOBE NEWSWIRE) – Lakeland Bancorp, Inc. (âLakeland & CloseCurlyDoubleQuote;) (NASDAQ: LBAI), the parent company of Lakeland Bank, and 1st Bancorp Constitution (“1st Incorporation â) (NASDAQ: FCCY), the parent company of 1st Constitution Bank, announced that on December 10, 2021, the Federal Reserve Bank of New York issued a no-objection to Lakeland’s request to waive the candidacy requirement under the proposed merger of 1st Constitution with and in Lakeland. The companies have now received all regulatory approvals and no objections in connection with the proposed merger.
The closing of the proposed merger remains subject to certain customary closing conditions. The merger is expected to be finalized on January 6, 2022.
About Lakeland Bancorp, Inc.
Lakeland Bancorp, Inc. has an extensive network of branches and commercial lending centers throughout New Jersey and Highland Mills, New York, and provides banking products and services to businesses and individuals. Business services include commercial loans and lines of credit, commercial real estate loans, health service loans, asset loans, equipment financing, small business loans and lines, and management services cash. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as one of New Jersey’s Top State Banks by Forbes and Statista, rated 5 stars by Bauer Financial, and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ . As of September 30, 2021, Lakeland had consolidated total assets, total loans, total deposits and total shareholders’ equity of $ 8.17 billion, $ 5.88 billion, $ 6.93 billion of dollars and 814.1 million dollars, respectively.
About 1st Bancorp Constitution
1st Constitution Bancorp is a banking holding company headquartered and maintains its principal office in Cranbury, New Jersey with additional offices in Asbury Park, Fair Haven, Fort Lee, Freehold, Hamilton, Hightstown, Hillsborough, Hopewell, Jackson, Jamesburg, Lawrenceville, Little Silver, Long Branch, Manahawkin, Neptune City, Perth Amboy, Plainsboro, Princeton, Rocky Hill, Rumson, Shrewsbury and Toms River, New Jersey. Founded in 1989, 1st Constitution provides deposit and loan banking products and services to businesses, individuals, partnerships, and other community organizations in central, coastal and northeastern New Jersey. As of September 30, 2021, 1st Constitution had consolidated total assets, total loans, total deposits and total shareholders’ equity of $ 1.91 billion, $ 1.20 billion, $ 1.64 billion and 199, $ 9 million, respectively. 1st Constitution is proud to be recognized by Newsweek Magazine as “New Jersey’s Best Small Bank! & CloseCurlyDoubleQuote;”
Cautions Regarding Forward-Looking Information
This press release contains forward-looking statements regarding the proposed merger and the timing of the merger completion which are effected in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.;, “a & CloseCurlyDoubleQuote; intends, “estimates & CloseCurlyDoubleQuote;,” expects & CloseCurlyDoubleQuote;, “believes & CloseCurlyDoubleQuote;,” plans & CloseCurlyDoubleQuote;, “can”, “What does it double & CloseClose; and other similar expressions are intended to identify such forward-looking statements. These forward-looking statements are necessarily speculative and speak only as of the date they are made, and are subject to many assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially of these forward-looking statements.The following factors, among others, could cause a material difference and favorable between actual results and these forward-looking statements: failure to meet any of the terms of the transaction in a timely manner or at all or other delays in completing the transaction; the extent and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions as well as on Lakeland’s business, results of operations and financial condition or 1st Constitution; the occurrence of any event, change or other circumstance that may give rise to the right for one or both parties to terminate the merger agreement; the outcome of any legal proceedings that may be brought against Lakeland or 1st Constitution; failure to realize the anticipated efficiencies and synergies if the merger goes through; significant adverse changes in Lakeland’s or 1st operations or incomes of Constitution ‘decline of the economy at Lakeland’s and 1st Major Incorporation Markets’ potential unwanted reactions or changes in business relationships or with employees, including those resulting from the announcement or completion of the transaction; the dilution caused by Lakeland’s issuance of additional shares of its share capital as part of the merger; and other factors that may affect Lakeland’s future results or 1st Constitution. Additional factors that could cause results to differ materially from those described above can be found in Lakeland’s annual report on Form 10-K for the year ended December 31, 2020 and in its subsequent quarterly reports on Form 10-Q, including in the respective risk factor sections of these reports, as well as in subsequent filings with the Securities and Exchange Commission (the “SEC & CloseCurlyDoubleQuote;), each of which is filed with the SEC and available in the section âInvestor Relations & CloseCurlyDoubleQuote; section of Lakeland’s website, www.lakelandbank.com, and in other documents that Lakeland files with the SEC, and in 1st Constitution’s annual report on Form 10-K for the fiscal year ended December 31, 2020 and in its subsequent quarterly reports on Form 10-Q, including in the respective Risk Factors sections of these reports, as well as in subsequent filings with of the SEC, each of which is archived and available in the “Investor Relations & CloseCurlyDoubleQuote;” part of 1st Constitution’s website, www.1stconstitution.com, under âSEC Filingsâ and in other documents 1st Incorporation files with the SEC.
Neither Lakeland nor 1st Constitution assumes any obligation to update these forward-looking statements at any time.
Lakeland Bancorp, Inc .:
Thomas J. Shara
President and CEO
Thomas F. Splaine
Executive Vice President and Chief Financial Officer
1st Bancorp constitution:
Robert F. Mangano
President and CEO