The buyer will issue approximately 14.1 million shares of common stock in the transaction, and the common shareholders of 1st Constitution will receive 1.3577 shares of Lakeland common stock for each 1st Constitution share that they own.
As of Sept. 30, 1st Constitution had approximately $1.91 billion in assets, $1.20 billion in loans and $1.64 billion in deposits. The combined organization has over $10 billion in assets, making Lakeland the fifth-largest bank headquartered in New Jersey.
Full systems integration is expected to be completed in the first quarter of 2022.
“We are excited to welcome the customers, employees, and shareholders of 1st Constitution to the Lakeland team. We look forward to Robert F. Mangano joining our Board of Directors,” said Lakeland President and CEO Thomas Shara in a statement.
Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor and Luse Gorman PC provided legal counsel to Lakeland. Raymond James & Associates served as financial advisor and Day Pitney LLP provided legal counsel to 1st Constitution.[/vc_column_text][/vc_column][/vc_row]