Mergers & Acquisitions

LAKELAND BANCORP, INC. (NASDAQ - LBAI)

M&A History

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 Method	Acquisition
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)	2,950.00
Minimum Termination Fee ($000)	0
Exchange Ratio (Common For Common)	1.20
Exchange Ratio (Common For Preferred)	NA
Exchange Ratio (Preferred For Common)	NA
Exchange Ratio (Preferred For Preferred)	NA
Lockup Agreement	No
Strike Price ($)	NA
% of Shares Outstanding	NA
Shares Under Option	NA
Core Deposit Intangibles ($000)	2,712


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