Lakeland Bancorp Receives NJ Department of Banking Approval of Proposed Merger
With Somerset Hills Bancorp; Provides Information Concerning Election Form
OAK RIDGE, N.J. and BERNARDSVILLE, N.J., May 6, 2013 (GLOBE NEWSWIRE) --
Lakeland Bancorp, Inc. (Nasdaq:LBAI) ("Lakeland Bancorp"), the parent company
of Lakeland Bank, announced that it has received approval from the New Jersey
Department of Banking and Insurance of the proposed merger with Somerset Hills
Bancorp (Nasdaq:SOMH) ("Somerset Hills Bancorp"), the parent company of
Somerset Hills Bank, and of the merger of the bank subsidiaries. The parties
expect the additional required regulatory approvals to be forthcoming within
the next few weeks. Lakeland Bancorp and Somerset Hills Bancorp intend to
issue a press release once all regulatory approvals have been received.
Lakeland Bancorp and Somerset Hills Bancorp will issue a press release
announcing the deadline for submitting Election Forms (the "Election Form
Deadline") pertaining to the form of consideration that Somerset Hills Bancorp
shareholders wish to receive in the merger and of the anticipated closing date
of the merger, when those dates are determined. Notification of the Election
Form Deadline will be provided at least five (5) business days before the
Election Form Deadline. The Election Form Deadline will be at least three (3)
business days before the anticipated closing of the transaction.
Both companies will hold their respective shareholders' meetings on May 8,
2013, as previously disclosed in the Joint Proxy Statement and Prospectus
dated April 1, 2013.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval. In
connection with the merger, Lakeland Bancorp has filed a registration
statement with the Securities and Exchange Commission, which has been declared
effective. The joint proxy statement and prospectus contained in the
registration statement has been mailed to shareholders of Somerset Hills
Bancorp and Lakeland Bancorp. Investors are advised to read the joint proxy
statement and prospectus because it contains important information. Copies of
the joint proxy statement and prospectus and other documents filed by Lakeland
Bancorp and Somerset Hills Bancorp with the SEC are available free of charge
at the SEC's web site at www.sec.gov. Documents filed by Lakeland Bancorp may
also be accessed and downloaded for free at Lakeland Bancorp's website at
www.lakelandbank.com or by directing a request to Investor Relations, Lakeland
Bancorp, Inc., 250 Oak Ridge Road, Oak Ridge, NJ 07438 (973-697-2000).
Documents filed by Somerset Hills Bancorp may also be accessed and downloaded
for free at Somerset Hills Bancorp's website at www.somersethillsbank.com or
by directing a request to Investor Relations, Somerset Hills Bancorp, 155
Morristown Road, Bernardsville, New Jersey 07924 (908-221-0100).
Forward Looking Statements
This communication contains forward-looking statements that are made in
reliance upon the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements speak only as of the date
made, and are subject to numerous assumptions, risks and uncertainties, all of
which may change over time. Neither Lakeland Bancorp nor Somerset Hills
Bancorp assumes any obligation for updating any such forward-looking
statements at any time.
CONTACT: Thomas J. Shara
President & CEO
Joseph F. Hurley
EVP & CFO
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