Provident Financial Services, Inc. has successfully completed its $1.3 billion merger with Lakeland Bancorp, Inc., thus forming a new banking entity with expanded capabilities and resources. The combined company now boasts $24.5 billion in assets, $18.8 billion in loans, and deposits totaling $18.6 billion. Operating under the Provident Financial Services, Inc. name, the newly formed entity will run 140 branches across New Jersey, New York, and Pennsylvania. Importantly, the both retail banking networks will continue to operate under their respective brands until a systems conversion, set to occur in early September 2024. The merger has garnered positive comments from both Anthony Labozzetta, President and CEO of Provident Bank, and Thomas J. Shara, executive vice chairman and Lakeland’s former president and CEO, emphasizing opportunities for expansion and innovation. With the integration, five new directors from Lakeland join Provident’s Board, while maintaining a 14-member composition. The executive leadership team, featuring several industry veterans, has also been announced. Significant changes are expected with the combined strengths and unified team, paving the way for future growth and innovation.
Banking, Financial Services,United States, New Jersey, New York, Pennsylvania
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