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Oak Ridge, New Jersey, February 29, 2012 – Following its final redemption earlier this month of the remaining $19 million portion of the $59 million of Series A Preferred Stock originally issued to the United States Department of Treasury in February 2009, Lakeland Bancorp, Inc. (NASDAQ: LBAI), the holding company for Lakeland Bank, today announced that it repurchased the warrant issued to the Treasury under the Capital Purchase Program for $2.8 millionPrior to its repurchase, the warrant permitted the Treasury to purchase 997,049 shares of common stock at an exercise price of $8.88. The repurchase price was based upon the fair market value of the warrant as agreed upon by Treasury and Lakeland.
“With today’s warrant repurchase, we are very pleased to have concluded all aspects of Lakeland’s participation in the Capital Purchase Program,” announced Thomas J. Shara, Lakeland’s President and Chief Executive Officer.
Lakeland Bancorp, the holding company for Lakeland Bank, has a current asset base of $2.8 billion and forty-seven (47) offices spanning six northern New Jersey counties: Bergen, Essex, Morris, Passaic, Sussex and Warren. Lakeland Bank, headquartered at 250 Oak Ridge Road, Oak Ridge, New Jersey offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about their full line of products and services, visit their website at www.lakelandbank.com.