01:40 PM EDT, 03/25/2024 (MT Newswires) -- Provident Financial Services ( PFS ) said Monday that its proposed merger with Lakeland Bancorp ( LBAI ) was approved by the Federal Deposit Insurance Corp. and the New Jersey Department of Banking and Insurance.

The approvals had certain conditions, include capital raise of $200 million, which Provident plans through tier 2 subordinated debt offering before the completion.

Provident said only Federal Reserve Board approval is pending to complete the deal, which is expected in the second calendar quarter.

The combined company will operate under the Provident name.

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