The Bank Slate


Provident in N.J. issues sub debt required to buy Lakeland Bancorp

Provident Financial Services in Jersey City, N.J., issued subordinated debt to comply with a regulatory prerequisite for its pending purchase of Lakeland Bancorp in Oak Ridge, N.J.

The $14.1 billion-asset Provident disclosed in a regulatory filing that it issued $225 million of sub debt. Provident, which agreed in September 2022 to buy the $11 billion-asset Lakeland for $1.3 billion, said it expects to complete the acquisition on May 15.

The Federal Deposit Insurance Corp. and the Federal Reserve, in approving the acquisition, mandated that Provident issue at least $200 million of Tier 2 qualifying sub debt.

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