Lakeland Bancorp’s Merger and Transition into Provident

Lakeland Bancorp (LBAI) has shared an update.

In May 2024, a significant merger was finalized resulting in Lakeland shareholders receiving 0.8319 shares of Provident stock for each Lakeland share they held, with fractional shares paid in cash. This complex transaction also ensured that all pre-existing Lakeland restricted stock and unit awards vested immediately and were converted to Provident stock units. Post-merger, Lakeland ceased to meet NASDAQ’s listing requirements, leading to the suspension of trading and delisting of Lakeland stock. The merger not only restructured the companies’ stock and executive makeup but also led to the dissolution of Lakeland’s corporate existence, integrating its governance documents into Provident’s.

For a thorough assessment of LBAI stock, go to TipRanks’ Stock Analysis page.