Lakeland Bancorp Announces Closing of $ 150 Million Subordinated Debt Offering
OAK RIDGE, NJ, September 15, 2021 (GLOBE NEWSWIRE) – Lakeland Bancorp, Inc. (NASDAQ: LBAI) (âLakelandâ or the âCompanyâ), the holding company of Lakeland Bank, today announced the closing of its public offering subscribed for a total principal amount of $ 150 million of its fixed rate subordinated notes at variable at 2.875% (the âNotesâ) due 2031. The Company expects to use the net proceeds of the offering of Notes for general corporate purposes, which may include refinancing activities, including the repayment of all or part of the principal outstanding on its outstanding subordinated notes.
Keefe, Bruyette & Woods, Inc., A Stifel company, and Piper Sandler & Co. acted as co-bookkeepers. Luse Gorman, PC acted as legal counsel to Lakeland and Hogan Lovells US LLP acted as legal counsel to the underwriters.
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 “, âMayâ, âwillâ, âshouldâ, âcouldâ 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