11:07 AM EDT, 05/16/2024 (MT Newswires) -- Provident Financial Services ( PFS ) said Thursday it has completed its previously announced merger with Lakeland Bancorp ( LBAI ) .

Lakeland's unit, Lakeland Bank, has also been merged with and into Provident Bank, the company added.

Following the merger, Provident Financial's shareholders own 58% of the combined entity, while Lakeland's shareholders own 42%, the company said.

The combined company will have a total shareholders' equity of $2.3 billion on a pro forma basis, and will operate under the Provident Financial Services ( PFS ) name.

The companies' retail banking networks will continue to operate separately under their current brands until the systems conversion, which is expected to take place in early September, Provident said.

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