Provident Financial to buy Lakeland Bancorp for an 18% premium in a $1.3 billion stock deal

Provident Financial to buy Lakeland Bancorp for an 18% premium in a $1.3 billion stock deal

Provident Financial Services Inc. and announced Tuesday and agreement to acquire Lakeland Bancorp Inc. in a stock deal valued at $1.3 billion. Provident's stock was indicated down nearly 1% in premarket trading, while Lakeland shares were halted for news until 7:45 a.m. Eastern. Under terms of the New Jersey-based community banks' deal, Lakeland shareholders will received 0.8319 Provident shares for each Lakeland share they own. Based on Monday's closing prices, that values Lakeland shares at $1