Lakeland Bancorp (LBAI) Seeks to Raise Capital

Lakeland Bancorp, Inc. (Nasdaq: LBAI) announced that it has entered into a definitive securities purchase agreement with certain institutional investors advised by the same investment advisor to sell a total of 1,983,315 shares of its common stock to such investors at a price of $9.65 per share in a registered direct offering.

The Company also announced that it has commenced an underwritten public offering of 621,762 shares of its common stock. Keefe, Bruyette & Woods is the sole book-running managing underwriter. The Company intends to grant Keefe, Bruyette & Woods the option to purchase up to an additional 10% of the shares of common stock being offered in the underwritten offering to cover over-allotments, if any.

The Company intends to use the total net proceeds from both the registered direct offering and the underwritten offering to redeem $25 million of junior subordinated debentures which have a current coupon rate of 7.535%.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Denarius Metals acquires 15% stake in Copper Giant, Trafigura invests
• WhiteFiber closes $310M convertible notes offering at 5% due 2032
• Andersen closes secondary offering of 4.9M shares at $44 each