Lakeland Bancorp Receives NJ Department of Banking Approval of Proposed Merger With Somerset Hills Bancorp; Provides Informatio
May 06 2013 - 5:45PM
Lakeland Bancorp, Inc. (Nasdaq:LBAI) ("Lakeland Bancorp"), the
parent company of Lakeland Bank, announced that it has received
approval from the New Jersey Department of Banking and Insurance of
the proposed merger with Somerset Hills Bancorp (Nasdaq:SOMH)
("Somerset Hills Bancorp"), the parent company of Somerset Hills
Bank, and of the merger of the bank subsidiaries. The parties
expect the additional required regulatory approvals to be
forthcoming within the next few weeks. Lakeland Bancorp and
Somerset Hills Bancorp intend to issue a press release once all
regulatory approvals have been received.
Lakeland Bancorp and Somerset Hills Bancorp will issue a press
release announcing the deadline for submitting Election Forms (the
"Election Form Deadline") pertaining to the form of consideration
that Somerset Hills Bancorp shareholders wish to receive in the
merger and of the anticipated closing date of the merger, when
those dates are determined. Notification of the Election Form
Deadline will be provided at least five (5) business days before
the Election Form Deadline. The Election Form Deadline will be at
least three (3) business days before the anticipated closing of the
transaction.
Both companies will hold their respective shareholders' meetings
on May 8, 2013, as previously disclosed in the Joint Proxy
Statement and Prospectus dated April 1, 2013.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. In connection with the merger, Lakeland
Bancorp has filed a registration statement with the Securities and
Exchange Commission, which has been declared effective. The joint
proxy statement and prospectus contained in the registration
statement has been mailed to shareholders of Somerset Hills Bancorp
and Lakeland Bancorp. Investors are advised to read the joint proxy
statement and prospectus because it contains important information.
Copies of the joint proxy statement and prospectus and other
documents filed by Lakeland Bancorp and Somerset Hills Bancorp with
the SEC are available free of charge at the SEC's web site at
www.sec.gov. Documents filed by Lakeland Bancorp may also be
accessed and downloaded for free at Lakeland Bancorp's website at
www.lakelandbank.com or by directing a request to Investor
Relations, Lakeland Bancorp, Inc., 250 Oak Ridge Road, Oak Ridge,
NJ 07438 (973-697-2000). Documents filed by Somerset Hills Bancorp
may also be accessed and downloaded for free at Somerset Hills
Bancorp's website at www.somersethillsbank.com or by directing a
request to Investor Relations, Somerset Hills Bancorp, 155
Morristown Road, Bernardsville, New Jersey 07924
(908-221-0100).
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. Neither Lakeland Bancorp nor Somerset Hills
Bancorp assumes any obligation for updating any such
forward-looking statements at any time.
CONTACT: Thomas J. Shara
President & CEO
Joseph F. Hurley
EVP & CFO
973-697-2000
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