OAK RIDGE, NJ, September 08, 2021 (GLOBE NEWSWIRE) – Lakeland Bancorp, Inc. (NASDAQ: LBAI) (“Lakeland” or the “Company”), the holding company of Lakeland Bank, today announced that it has priced a public offering in the aggregate principal amount of $ 150 million. dollars of its fixed-floating rate subordinated notes (the “Notes”) due 2031. The Notes will initially bear a fixed interest rate of 2.875% per annum. As of December 15, 2026, the interest rate on the Bonds will be reduced quarterly to the three-month SOFR rate plus a spread of 220 basis points, payable quarterly in arrears. The offer is scheduled to close on September 15, 2021, subject to the satisfaction of the usual closing conditions. The Company expects to use the net proceeds of the note offering for general corporate purposes, which may include refinancing activities, including the repayment of all or part of the outstanding principal of its notes. outstanding subordinates.
Keefe, Bruyette & Woods, A Stifel company, and Piper Sandler & Co. act as associate managers.
The Securities will be offered only by means of a prospectus supplement and the accompanying base prospectus. Lakeland has filed a registration statement (File No. 333-237440) and a preliminary prospectus supplement to the base prospectus contained in the registration statement with the United States Securities and Exchange Commission (“SEC”). for the tickets to which this press release relates. Prospective investors should read the applicable prospectus supplement and base prospectus in the registration statement and other documents that Lakeland has filed or will file with the SEC for more complete information about Lakeland and the corresponding offering. You can obtain these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov. Electronic copies of each preliminary prospectus supplement, when available, and the accompanying base prospectus can be obtained by contacting Keefe, Bruyette and Woods, Inc. by email at [email protected] or Piper Sandler & Co. by phone at (866) 805-4128 or by email at [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the Notes, in any state or jurisdiction in which such an offer, solicitation or sale would be illegal.
About Lakeland Bancorp, Inc.
Lakeland Bank is the wholly owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ: LBAI), which had total assets of $ 7.85 billion as of June 30, 2021. With an extensive branch network and commercial lending centers in New Jersey and Highland Mills, New York, Lakeland Bank offers banking products and services to businesses and individuals. Business services include commercial loans and lines of credit, commercial real estate loans, health services loans, asset loans, equipment financing, small business loans and lines, and management services cash. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions.
The information disclosed in this press release includes various forward-looking statements which are based on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “” expects “,” believes “,” anticipates “, “May”, “will”, “should”, “could” and other similar expressions are intended to identify such forward-looking statements. The Company cautions that these forward-looking statements are necessarily speculative and speak only as of the date of writing, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from these forward-looking statements. Therefore, you should not place undue reliance on forward-looking statements. In addition to the specific risk factors disclosed in the Company’s annual report on Form 10-K for the year ended December 31, 2020, the following factors, among others, could cause actual results to differ materially and adversely from such forward-looking statements: changes in the financial services industry and US and global capital markets, changes in economic conditions at the national, regional and Company market levels, the nature and timing of actions by the Federal Reserve and other regulators, the nature and timing of laws and regulations affecting the financial services industry, government intervention in the U.S. financial system, changes in federal and state tax laws, changes in levels of interest rates market interest, pricing pressures for loan and deposit products, credit risks of the Company’s lending and leasing activities, successful implementation, deployment and upgrades of new and existing technologies, systems, services and products, customer acceptance of the Company’s products and services, competition and l ” inability to realize the efficiency gains and synergies expected from the merger of 1st Incorporation of Bancorp into the Company and merger of 1st Constitution Bank in Lakeland Bank. Additionally, given its ongoing and dynamic nature, it is difficult to predict the continued effects the COVID-19 pandemic will have on our business and operating results. The pandemic and related local and national economic disruptions may, among other effects, result in a material adverse change in demand for our products and services; increased levels of loan defaults, problematic assets and foreclosures; branch disruptions, staff unavailability and increased cybersecurity risks when employees work remotely. All statements made by the Company that are not historical facts should be considered as forward-looking statements. The Company is under no obligation to update and does not undertake to update any of its forward-looking statements made here.
Thomas J. Shara
President and CEO
Thomas F. Splaine
Executive Vice President and Chief Financial Officer