Feb. 18, 2016 (GLOBE NEWSWIRE) -- The Boards of Directors of Lakeland Bancorp, Inc. (NASDAQ:LBAI) (“Lakeland Bancorp”), the parent company of Lakeland Bank, Lakeland Bank and Harmony Bank (OTCPK:HRMB) (“Harmony Bank”), announced today that they have entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Harmony Bank will be merged with and into Lakeland Bank, with Lakeland Bank as the surviving bank.
The Merger Agreement provides that shareholders of Harmony Bank will receive 1.25 shares of Lakeland Bancorp common stock for each share of Harmony Bank common stock that they own at the effective time of the merger. Harmony Bank, a state-chartered commercial bank that focuses on serving consumers and small-to-medium-size businesses, is headquartered in Jackson, New Jersey, with additional branch offices in Lakewood and Toms River, New Jersey. As of December 31, 2015, Harmony Bank had total assets, total loans, total deposits and total stockholders’ equity of $295 million, $241 million, $257 million and $28 million, respectively. Read more HERE
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