Lakeland Bancorp Announces Pricing of $150 Million Subordinated Debt Offering

OAK RIDGE, N.J., Sept. 08, 2021 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (“Lakeland” or the “Company”), the holding company for Lakeland Bank, today announced that it has priced an underwritten public offering of $150 million aggregate principal amount of its fixed-to-floating rate subordinated notes (the “Notes”) due 2031. The Notes will initially bear a fixed interest rate of 2.875% per year. Commencing on December 15, 2026, the interest rate on the Notes will reset quarterly to the three-month SOFR rate plus a spread of 220 basis points, payable quarterly in arrears. The offering is expected to close on September 15, 2021, subject to the satisfaction of customary closing conditions. The Company plans to use the net proceeds from the Notes offering for general corporate purposes, which may include refinancing activities, including redeeming all or a portion of the outstanding principal amount of its outstanding subordinated notes.

Keefe, Bruyette & Woods, A Stifel Company, and Piper Sandler & Co. are acting as a joint book-running managers.

The offering of the Notes will be made only by means of a prospectus supplement and accompanying base prospectus. Lakeland has filed a registration statement (File No. 333-237440), and a preliminary prospectus supplement to the base prospectus contained in the registration statement, with the U.S. Securities and Exchange Commission (“SEC”) for the Notes to which this news release relates. Prospective investors should read the applicable prospectus supplement and base prospectus in the registration statement and other documents Lakeland has filed or will file with the SEC for more complete information about Lakeland and the relevant offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov. Electronic copies of each preliminary prospectus supplement, when available, and the accompanying base prospectus may be obtained by contacting by email Keefe, Bruyette, and Woods, Inc. at USCapitalMarkets@kbw.com or Piper Sandler & Co. by telephone at (866) 805-4128 or by email at fsg-dcm@psc.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lakeland Bancorp, Inc.: Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ: LBAI), which had $7.85 billion in total assets at June 30, 2021. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, New York, Lakeland Bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset-based lending, equipment financing, small business loans and lines and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions.

Investor Contacts: Thomas J. Shara, President and Chief Executive Officer973-697-2000

Thomas F. Splaine, Executive Vice President and Chief Financial Officer973-697-2000