Lakeland Bancorp Announces “At-The-Market” Offering of Common Stock
December 09 2016 - 8:20AM
Lakeland Bancorp, Inc. (NASDAQ:LBAI) (“Lakeland Bancorp” or the
“Company”), the parent company of Lakeland Bank, announced that it
has filed a prospectus supplement to its existing shelf
registration statement on Form S-3 for the sale of up to
$50,000,000 of its common stock through an “at-the-market” equity
offering program.
The Company intends to use the net proceeds from this offering
for general corporate purposes and to support future growth.
Pending this use, the proceeds may be invested in short-term
investments.
The shares will be offered through Keefe, Bruyette & Woods,
Inc. as sales agent. The sales agent may sell shares of our common
stock by any method permitted by law deemed to be an “at the market
offering” as defined in Rule 415 of the Securities Act of 1933, as
amended, including without limitation sales made directly on the
NASDAQ Global Select Market, on any other existing trading market
for the common stock or to or through a market maker. In addition,
with our prior consent, the sales agent may also sell the common
stock by any other method permitted by law, including, but not
limited to, negotiated transactions. Sales may be made at market
prices prevailing at the time of sale, at prices related to
prevailing market prices or at negotiated prices.
The Company has filed with the U.S. Securities and Exchange
Commission (“SEC”) a prospectus supplement to the prospectus
contained in its existing shelf registration statement on Form S-3
(File No. 333-203408) for the offering of common stock described in
this communication. Before you invest, you should read the
prospectus, the prospectus supplement relating to the
“at-the-market” program and other documents the Company has filed
with the SEC (many of which are incorporated by reference into the
prospectus and prospectus supplement) for more complete information
about the Company and the at-the-market program. You may obtain
copies of the prospectus supplement and accompanying prospectus
relating to the offering without charge by visiting the SEC’s
website at www.sec.gov, or from Keefe, Bruyette & Woods, 787
Seventh Avenue, 4th Floor, New York, NY 10019 (telephone:
800.966.1559).
This press release is for informational purposes only and is not
an offer to sell or the solicitation of an offer to buy any
security of the Company, which is made only by means of a
prospectus supplement and related prospectus, nor will there be any
sale of any security in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About the Company
As of September 30, 2016, the Company had
consolidated total assets of $4.90 billion, total loans and leases
of $3.79 billion, deposits of $3.94 billion and stockholders’
equity of $498.7 million. Lakeland Bank currently
operates 52 New Jersey branch offices in Bergen, Essex, Morris,
Ocean, Passaic, Somerset, Sussex and Union counties; six New Jersey
regional commercial lending centers in Bernardsville, Jackson,
Montville, Newton, 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.
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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