Banking / Financial

Provident Bank and Lakeland Bank Merger Completed

Provident Financial Services, Inc. has completed its $1.3 billion merger with Lakeland Bancorp, Inc. The combined company will have $24.5 billion of assets, $18.8 billion of loans, deposits of $18.6 billion, and total stockholders’ equity of $2.3 billion. The combined company will operate under the “Provident Financial Services, Inc.” name and will operate under the “Provident Bank” name with 140 branches across New Jersey and parts of New York and Pennsylvania.

Until the systems conversion, which is scheduled for early September of 2024, the Provident and Lakeland retail banking networks will continue to operate separately under their respective brands. According to information supplied by Provident Bank, customers of both banks will not experience any immediate changes to their accounts, loan payments, use of debit cards, access to ATMs, or access to account information, either on-line or through mobile-banking applications.

“We are extremely pleased and excited to announce the completion of our merger with Lakeland,” said Provident Bank President and CEO Anthony Labozzetta. “The merger creates a company with significant scale and capabilities with a strong capital base and low credit risk profile. In Lakeland we found a like-minded partner that shares our vision, values, and commitment to our employees, customers, shareholders, and communities.

Thomas J. Shara, executive vice chairman and Lakeland’s former president and CEO, added, “Our merger with Provident Bank presents new opportunities for expansion, innovation and excellence. Our long-standing commitment to serving our customers and communities will remain unwavering as we build upon our combined strengths and focus on the future together as one united team.” In connection with the closing of the merger, Provident and Provident Bank appointed five new directors to their Boards of Directors, who are all former directors of Lakeland:

  • Thomas J. Shara, former president and CEO, will serve as executive vice chairman
  • Brian M. Flynn, partner at PKF O’Connor Davies, LLP
  • Brian A. Gragnolati, president and CEO of Atlantic Health System
  • James E. Hanson II, president and CEO of The Hampshire Companies
  • Robert E. McCracken, president of Smith-McCracken Funeral Home and Wood Funeral Home

In conjunction with the closing of the merger, Terence Gallagher and Robert McNerney have retired from the Boards of Directors of Provident and Provident Bank. With these changes, Provident and Provident Bank’s Boards of Directors each will be comprised of 14 members.

“The company is privileged to add these five directors to its Board,” said Christopher Martin, executive chairman. “Each brings a unique set of skills and expertise to an already impressive and diverse Board. I would also like to thank Terry Gallagher and Bob McNerney for their dedicated service to our company. I know I speak for the entire Board when I say that their advice and business acumen have proved invaluable to our organization.”

In addition to Labozzetta and Shara, the company also formally named the other members of its executive leadership team:

  • Thomas Lyons, senior executive vice president and chief financial officer
  • James Christy, executive vice president and chief risk officer
  • Joseph Covell, senior vice president and general auditor
  • Vito Giannola, executive vice president and chief banking officer
  • George Lista, president and CEO, Provident Protection Plus, Inc.
  • Bennett MacDougall, executive vice president and general counsel
  • Timothy Matteson, executive vice president and chief administrative officer
  • Valerie Murray, executive vice president and chief wealth management officer
  • James Nigro, executive vice president and chief credit officer
  • Carolyn Powell, executive vice president and chief human resources officer
  • John Rath, executive vice president and chief lending officer
  • Ravi Vakacherla, executive vice president and chief digital and innovation officer

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