Banking

Provident in N.J. to purchase Lakeland for $1.3 billion

Provident Financial Services in Iselin, New Jersey, has actually accepted purchase Lakeland Bancorp in Oak Ridge, New Jersey. The $13.7 billion-asset Provident stated in a news release Tuesday that it will pay $1.3 billion in stock for the $10.4 billion-asset Lakeland. The offer, which is anticipated to close in the 2nd quarter, priced Lakeland at 154% of its concrete book worth.

Southern Missouri Bancorp in Poplar Bluff has actually accepted purchase Citizens Bancshares in Kansas City, Missouri. The $3.2 billion-asset Southern Missouri stated in a news release Wednesday that it will pay $140 million in money and stock for the $1 billion-asset moms and dad of Citizens Bank and Trust Co. The offer, which is anticipated to close in the very first quarter, priced Citizens at 150% of its concrete book worth.

First State Bank in Loomis, Nebraska, has actually accepted purchase Farmers and Merchants Bank in Axtel, Nebraska. The $191 million-asset First State anticipates to finish its purchase of the $11.5 million-asset Farmers and Merchants by the end of this year.

© 2022 by Paul Davis. All rights scheduled. Reprinted with approval as an adjustment of the product from bank-slate.blogspot.com.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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