Lakeland Bancorp has completed the acquisition of Pascack Bancorp, as part of a previously announced deal between the companies.
In August last year, Lakeland agreed to acquire Pascack for nearly $43.8m or $11.35 per share.
Pascack Community Bank, a subsidiary of Pascack Bancorp, has been merged into Lakeland Bancorp’s subsidiary Lakeland Bank.
With the addition of Pascack Bancorp, Lakeland Bancorp will have total assets worth $4.3bn. It will operate 53 branch offices and five regional commercial lending centers in New Jersey.
Lakeland Bancorp president and CEO Thomas J. Shara previously said: "We are delighted to be combining with Pascack, and expanding Lakeland’s presence in Bergen and Essex counties.
"Both banks share a focus on community banking and providing the highest level of service to our customers. We look forward to working with the Pascack team in delivering to all of our customers and shareholders the benefits that we expect from this transaction."
Lakeland Bank offers a wide range of consumer and commercial products and services, including online and mobile banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications.
As of 30 June 2015, Lakeland Bancorp had consolidated total assets, total loans, total deposits and total stockholders’ equity of $3.70bn , $2.76bn, $2.84bn and $390.9m, respectively.
Keefe, Bruyette & Woods has served as financial advisor to Lakeland Bancorp, while Sandler O’Neill & Partners, and FinPro Capital Advisors acted as financial advisor to Pascack Bancorp.