![]() Irwin, Highlands Bancorp’s chairman of the board, added: “In addition to sharing a commitment to providing first class customer service, we each bring complementary products and services to the combined company that we believe will be well received by our customers, and ultimately benefit our shareholders.” ![]() Together, our franchises create a great presence in one of the most attractive banking markets in the country.” Ackmann, Highlands Bancorp’s president and CEO, stated: “We are very excited to be partnering with such a strong, well-managed organization as Lakeland. Mary Ann Deacon, Lakeland Bancorp’s Chairman, added: “We firmly believe that Lakeland’s combination with Highlands will present opportunities that we can leverage for future growth, to the advantage of our customers and shareholders.” We look forward to working with the Highlands team in delivering to all of our customers and shareholders the benefits that we expect from this transaction.” Both banks share a focus on community banking and providing the highest level of service to our customers. Shara, Lakeland Bancorp’s president and chief executive officer, remarked: “We are delighted to be combining with Highlands, and expanding Lakeland’s presence in Sussex, Passaic and Morris counties. The transaction is expected to be approximately 4 percent accretive to Lakeland Bancorp’s earnings per share in 2019 and approximately 1.5% dilutive to tangible book value with an estimated earnback in under 2.0 years using the crossover method. The transaction is valued at approximately $56.7 million on a fully diluted basis, or $19.79 per share, which represents a 20 percent premium over the closing sale price per share of Highlands Bancorp common stock on August 22, 2018. Lakeland Bancorp expects to issue an aggregate of approximately 2.8 million shares of its common stock in the merger and will cash out outstanding Highlands Bancorp options. The merger agreement provides that shareholders of Highlands Bancorp will receive, for each outstanding share of Highlands Bancorp common stock that they own at the effective time of the merger, 1.015 shares of Lakeland Bancorp common stock. The transaction is valued at $56.7 million. ![]() entered into a definitive agreement and plan of merger, in which Highlands State Bank will merge with and into Lakeland Bank. Banking / Financial Lakeland Bancorp, Inc.
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