01:42 PM EDT, 05/13/2024 (MT Newswires) -- Provident Financial Services ( PFS ) said Monday it completed its $225 million offering of 9% fixed-to-floating rate subordinated notes due 2034.

The company said that the offering aimed to satisfy certain regulatory conditions agreed to in connection with its merger with Lakeland Bancorp ( LBAI ) . The deal is now expected to close after-market Wednesday.

The company said it plans to invest the net proceeds of about $219.3 million in its unit Provident Bank, which expects to initially invest in securities and use for other general corporate purposes.

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