💰 Two NJ-based banks have decided to merge

💰 The merge means 22 NJ bank branches will close

💰 Is your bank affected?

Any New Jersey resident who banks at Lakeland or Provident will want to know about this.

Lakeland and Provident Banks have decided to merge, and that means 22 branches in New Jersey will close.

The parent companies of the two banks, headquartered in Oak Ridge and Iselin, respectively, have announced that they entered a definitive merger agreement to which the companies will combine in an all-stock merger, valued at approximately $1.3 billion, according to a Lakeland Bank press release.

The merger will create a super-community bank in New Jersey.

Lakeland Bank, Freehold (Google Street View)
Lakeland Bank, Freehold (Google Street View)

“As two of New Jersey’s most respected banks that nearly mirror each other in our shared cultures and missions to support and deliver to our customers, communities, and shareholders, we are thrilled that we’re combining our talented teams,” said Lakeland President and CEO, Thomas J. Shara.

“We bring together a diverse group of employees who are committed to delivering exceptional service to our customers and the communities we serve,” added Provident President and CEO, Anthony Labozzetta.

According to the agreement, Lakeland Bank will merge with and into Provident Bank, with Provident Bank as the surviving bank. It will be the 83rd largest bank in the U.S. according to the press release.

The combined bank will operate under the “Provident Bank” name, officials said, and the administrative headquarters of the combined company will be located in Iselin.

The former entities will start closing branches on Aug. 29. The banks have already notified their customers.

Customers can choose to bank at the newly-merged Provident Bank starting Sept. 3.

Provident Bank, Brick (Google Street View)
Provident Bank, Brick (Google Street View)

Here is the full list of the 22 NJ bank branches closing due to the merger:

⚫100 Route 206, Augusta

⚫1260 Broad St., Bloomfield

⚫11 Ackerman Ave., Clifton

⚫2650 Rt. 130 & Dey Rd., Cranbury

⚫55 Broadway, Denville

⚫ 180 Main St., Fort Lee

⚫PO Box 353 399 Route 23, Franklin

⚫3441 US Hwy. 9, Freehold

⚫25 Main St., Hackensack

⚫140 Mercer St., Hightstown

⚫425 Route 206, Hillsborough

⚫265 Main St., Madison

⚫106 E Main St., Mendham

⚫151 South St., Morristown

⚫15 Trinity St., Newton

⚫145 Fayette St., Perth Amboy

⚫2000 Windrow Dr., Princeton

⚫33 Main St., Sparta

⚫464 Cedar Lane, Teaneck

⚫7 Church St., Vernon

⚫455 Route 23, Wantage

⚫345 Franklin Ave., Wyckoff

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