Provident Financial Services in Iselin, New Jersey, has agreed to buy Lakeland Bancorp in Oak Ridge, New Jersey. The $13.7 billion-asset Provident said in a press release Tuesday that it will pay $1.3 billion in stock for the $10.4 billion-asset Lakeland. The deal, which is expected to close in the second quarter, priced Lakeland at 154% of its tangible book value.
Southern Missouri Bancorp in Poplar Bluff has agreed to buy Citizens Bancshares in Kansas City, Missouri. The $3.2 billion-asset Southern Missouri said in a press release Wednesday that it will pay $140 million in cash and stock for the $1 billion-asset parent of Citizens Bank and Trust Co. The deal, which is expected to close in the first quarter, priced Citizens at 150% of its tangible book value.
First State Bank in Loomis, Nebraska, has agreed to buy Farmers and Merchants Bank in Axtel, Nebraska. The $191 million-asset First State expects to complete its purchase of the $11.5 million-asset Farmers and Merchants by the end of this year.
© 2022 by Paul Davis. All rights reserved. Reprinted with permission as an adaptation of the material from bank-slate.blogspot.com.
