FIG Has Now Completed 110 M&A Transactions Totaling More Than
$6.7 Billion In Transaction Value
ATLANTA, August 24, 2018 — Lakeland Bancorp, Inc. (NASDAQ:LBAI) and Highlands Bancorp, Inc. (OTC Pink:HSBK) have announced a definitive merger agreement.
Under the terms of the agreement, shareholders of Highlands Bancorp will receive 1.015 shares of Lakeland Bancorp common stock for each outstanding share of Highlands Bancorp common stock owned at the time of the merger.
Lakeland Bancorp expects to issue 2.8 million shares of its common stock in the merger and will cash out outstanding Highlands Bancorp options. The transaction is valued at approximately $56.7 million on a fully diluted basis, or $19.79 per share. This valuation represents a 20% premium over the closing sale price per share of Highlands Bancorp common stock on August 22, 2018.
Highlands State Bank is headquartered and maintaining its main office in Vernon, New Jersey with additional branch offices in Sparta, Totowa and Denville, New Jersey. As of June 30, 2018, Highlands Bancorp had consolidated total assets, total loans, total deposits and total stockholders’ equity of $487.9 million, $427.3 million, $404.2 million and $30.3 million, respectively.
Steven C. Ackmann, Highlands Bancorp’s President and CEO, said: “We are very excited to be partnering with such a strong, well managed organization as Lakeland. Together, our franchises create a great presence in one of the most attractive banking markets in the country.”
George E. Irwin, Highlands Bancorp’s Chairman of the Board, said: “In addition to sharing a commitment to providing first class customer service, we each bring complementary products and services to the combined company that we believe will be well received by our customers, and ultimately benefit our shareholders.”
More information is available here.
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