The parent companies of Lakeland Bank and 1st Constitution Bank said Dec. 7 that shareholders of both institutions have approved their proposed merger.
Expected to close in January 2022, the deal was announced in July. The combination would create the fifth-largest bank based in New Jersey, with combined assets of approximately $9.6 billion.
“This business combination provides attractive financial attributes to shareholders of both Lakeland and 1st Constitution. This merger is consistent with our recent initiatives to expand into desirable markets,” Lakeland Chief Executive Officer Thomas Shara said when the deal was announced.
The closing of the merger is still subject to approval of or waiver by the Board of Governors of the Federal Reserve System and certain other customary closing conditions.
Oak Ridge-based Lakeland Bancorp Inc. Is the parent company of Lakeland Bank; 1st Constitution Bank’s parent company is 1st Constitution Bancorp, based in Cranbury.
