Lakeland Bancorp Announces Pricing of $75 Million of 5.125% Subordinated Notes
September 30 2016 - 10:54AM
Lakeland Bancorp, Inc. (NASDAQ:LBAI) (“Lakeland Bancorp” or the
“Company”), the parent company of Lakeland Bank, announced the
closing of the offering of $75 million of its Fixed-to-Floating
Rate Subordinated Notes due September 30, 2026 (the “Notes”).
The Notes will bear interest at a rate of 5.125% per annum
from the date of issuance to but excluding September 30, 2021,
and from and including September 30, 2021 through maturity or
earlier redemption, the interest rate will reset quarterly to the
then current three-month LIBOR rate plus 397 basis points.
The Company intends to use the net proceeds from this offering
for general corporate purposes and investments in Lakeland Bank as
regulatory capital.
Keefe, Bruyette & Woods, A Stifel Company, acted as
book-running manager and Sandler O’Neill + Partners, L.P. acted as
the co-manager for the Notes offering.
The Notes have been issued pursuant to an effective shelf
registration statement (File No. 333-203408) (including a base
prospectus), and a final prospectus supplement filed with the
Securities and Exchange Commission (the “SEC”).
Copies of the prospectus supplement and accompanying base
prospectus relating to the Notes offering can be obtained without
charge by visiting EDGAR on the SEC’s website at www.sec.gov, or
may be obtained by contacting Keefe, Bruyette & Woods, A
Stifel Company, at 787 Seventh Avenue, Fourth Floor, New York, NY
10019 or by telephone at 1-800-966-1559.
About the Company
Lakeland Bancorp has approximately $4.8 billion
in total assets and operates 53 New Jersey branch offices in
Bergen, Essex, Morris, Ocean, Passaic, Somerset, Sussex and Union
counties, five New Jersey regional commercial lending
centers in Bernardsville, Jackson, Montville, Teaneck and Waldwick,
and two commercial loan production offices serving Middlesex and
Monmouth counties in New Jersey and the Hudson Valley region
of New York. Lakeland Bank offers an extensive array of
consumer and commercial products and services, including online and
mobile banking, localized commercial lending teams, and 24-hour or
less turnaround time on consumer loan applications. For more
information about the full line of products and services, visit
LakelandBank.com.
Disclaimer About This Release
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Any offering of the Notes is being made only by means
of a written prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
Forward-Looking Statements
This communication contains forward-looking
statements that are made in reliance upon the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements speak only as of the date
made, and are subject to numerous assumptions, risks and
uncertainties, all of which may change over time. Lakeland
Bancorp does not assume any obligation for updating any such
forward-looking statements at any time.
Contact:
Lakeland Bancorp, Inc.:
Thomas J. Shara
President & CEO
Joseph F. Hurley
EVP & CFO
973-697-2000
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