Provident in N.J. to buy Lakeland for $1.3 billion

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


About Author

Contributing Editor Paul Davis, founder of Bank Slate and director of market intelligence at Strategic Resource Management, has more than 20 years of experience following the banking industry. Prior to joining SRM, an advisory firm in Memphis, Tennessee, he was editor for community banking and M&A at American Banker. He has held leadership positions at SNL Financial, where he was news editor and senior bank reporter, and American City Business Journals. Paul joined American Banker in 2005, covering large banks during the financial crisis and the post-crisis recovery. Paul has been featured as a speaker at the Federal Reserve, the ABA and FIS Global, and he has been regularly quoted by American Banker, S&P Global Market Intelligence and Bank Director. He has a bachelor’s degree from the University of Virginia and an MBA from Wake Forest University.