Provident Financial Services Inc

Provident Financial Services, Inc. is a bank holding company that owns Provident Bank. The company became the holding company for Provident Bank on January 15, 2003, after the bank converted to a New Jersey-chartered capital stock savings bank. On January 15, 2003, the company issued 59,618,300 shares of its common stock and contributed $4.8 million in cash and 1,920,000 shares of its common stock, totaling $24.0 million, to The Provident Bank Foundation. The company raised $567.2 million in net proceeds from the conversion and related stock offering, using $293.2 million to acquire all outstanding common stock of Provident Bank. As a bank holding company, Provident Financial Services is regulated by the Federal Reserve Board. On May 16, 2024, the company merged with Lakeland Bancorp, Inc. This merger added $10.59 billion to total assets, $7.91 billion to total loans, $8.62 billion to total deposits, and 68 full-service banking offices in New Jersey and New York. Following the merger, the company closed 13 acquired Lakeland banking offices and nine legacy Provident Bank branches in the third quarter of 2024 due to geographic overlap. Each share of Lakeland common stock was converted into 0.8319 shares of Provident Financial Services' common stock, totaling 54,356,954 shares converted, plus cash for fractional shares. The total cost for the Lakeland acquisition was $876.8 million. Lakeland Bank, a subsidiary of Lakeland, was merged into Provident Bank.