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Mergers & AcquisitionsLAKELAND BANCORP, INC. (NASDAQ - LBAI) 
M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: Lakeland Bancorp, Inc.
Actual Acquirer: Lakeland Bank
Target: Somerset Hills Bancorp
Deal Type: Bank & Thrift Company
Agreement Date1/28/2013
Announcement Date1/29/2013
Announced Deal Value ($M)65.70
StatusCompleted
Completion Date5/31/2013
Announced Deal Value Per Share ($)11.84
Consideration Breakout
Cash ($M)6.4
Common Stock ($M)58.7
Common Stock Issued5,794,079
Options/Warrants ($M)2.1

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)152.0156.0
Price / Tangible Book (%)152.0156.0
Price / Earnings (x)18.822.1
Price / Deposits (%)20.5221.89
Price / Assets (%)17.8118.91
Tangible Book Premium/ Deposits (%)7.868.75
 Deal Terms
Description of Consideration
Lakeland Bancorp Inc. paid $12.00 per share in cash or issued 1.1962 shares of its common stock for each outstanding share of Somerset Hills Bancorp, subject to 10% of the consideration being paid in cash. Lakeland Bancorp Inc. also assumed Somerset Hills Bancorp's outstanding options of $2.14 million.
Accounting MethodAcquisition
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)22,862
Estimated Cost Savings (%)31.00
Estimated Cost Savings ($000)2,800
Est. Restructuring Charges ($000)2,800
Maximum Termination Fee ($000)2,950
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)1.1962
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)2,712
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
2AccretiveNANANANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesRaymond James & Assoc. Inc.
SellerYesKeefe Bruyette & Woods Inc.

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesLowenstein Sandler PC
SellerYesWindels Marx Lane & Mittendorf

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