The parent companies of Provident Bank and Lakeland Bank provided an update Dec. 20 on their previously announced $1.3 billion merger agreement. 

Provident Financial Services Inc., headquartered in Iselin, and Oak Ridge-based Lakeland Bancorp Inc. released a joint statement saying the two agreed to extend their merger plans to March 31, 2024, to allow for more time to obtain regulatory approvals. The transaction was originally expected to close in the second quarter of 2023.

“Both parties remain committed to the merger and to obtaining regulatory approvals,” the financial institutions announced. 

If approved, the combined company would operate under the Provident name, the statement added. When the deal was announced in September 2022, the banks said the new entity, which would retain its Iselin headquarters, would have more than $25 billion in assets and $20 billion in total deposits. 

Boards for both banks approved the merger in February 2022. 

“The scale and profitability of the combined organization will enable us to invest in the future, better compete for market share, and better serve our customers and communities,” Provident CEO and President Anthony Labozzetta said in a statement when the deal was announced. “We bring together a diverse group of employees who are committed to delivering exceptional service to our customers and the communities we serve.” 

Thomas Shara, president and CEO of Lakeland Bank, added, “As two of New Jersey’s most respected banks that nearly mirror each other in our shared cultures and missions to support and deliver to our customers, communities and shareholders, we are thrilled that we’re combining our talented teams.”