Special Conditions Set in N.J. Bank Merger

Provident Financial must raise $200 million and develop an action plan to improve mortgage lending "to all demographic populations" before buying Lakeland Bancorp.

How’s life, Bank Slaters?

I’m sending a mid-week newsletter to highlight the special conditions in the FDIC’s approval of Provident Financial Services’ pending purchase of Lakeland Bancorp.

The $14.2 billion-asset Provident in Jersey City, N.J., agreed in September 2022 to buy the $11.2 billion-asset Lakeland for $1.3 billion. The companies then extended their deadline for completing the deal as they awaited regulatory approval.

Approval was given yesterday — with some notable caveats.