Lakeland Bancorp Announces Completion of “At-The-Market” Offering of Common Stock
December 14 2016 - 3:50PM
Lakeland Bancorp, Inc. (NASDAQ:LBAI) (“Lakeland Bancorp” or the
“Company”), the parent company of Lakeland Bank, announced that it
had successfully completed an at-the-market common stock
issuance. A total of 2,739,650 shares of the Company’s common
stock were sold at a weighted average price of $18.25, representing
gross proceeds to the Company of approximately $50.0 million.
Net proceeds from the transaction, after the sales commission and
other expenses, are expected to be approximately $48.5 million.
The Company entered into an At Market Issuance
Sales Agreement with Keefe, Bruyette & Woods, a Stifel
Company, who acted as the Distribution Agent in connection with the
offering.
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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