Provident Financial Services in Iselin, N.J., will close nearly 15% of its branches following its purchase of Lakeland Bancorp in Oak Ridge, N.J.
The $24.5 billion-asset Provident, which bought Lakeland in May for $1.3 billion, disclosed on its website that it will close 22 locations on Aug. 29. The closures reflect “overlap” in the combined company’s footprint.
“A careful and thorough review of our combined branch network was undertaken, and we have decided to close either a Provident branch or a Lakeland branch in cases where a single location can serve all of our customers,” Provident said.
Provident will continue to operate 140 branches.