Lakeland Bancorp said that its previously announced acquisition of 1st Constitution Bancorp was completed effective Thursday, creating the fifth-biggest bank headquartered in New Jersey.
Full systems integration is expected to be completed in the first quarter of 2022.
“We are excited to welcome the customers, employees and shareholders of 1st Constitution to the Lakeland team. We look forward to Robert F. Mangano joining our boards of directors,” said Thomas Shara, CEO and president of Lakeland.
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Under terms of the deal, Lakeland will acquire all of the outstanding shares of 1st Constitution in exchange for common shares of Lakeland and will cash out outstanding 1st Constitution options.
As of Sept. 30, 2021, 1st Constitution had approximately $1.91 billion in assets, $1.20 billion in loans and $1.64 billion in deposits.
Keefe, Bruyette & Woods, a Stifel company, served as financial adviser and Luse Gorman P.C. provided legal counsel to Lakeland. Raymond James & Associates served as financial adviser and Day Pitney LLP provided legal counsel to 1st Constitution.
