The wave of mergers and acquisitions in the financial services industry has swept across a pair of New Jersey bank holding companies.
The boards of directors of Lakeland Bancorp Inc. in Oak Ridge, N.J., and Somerset Hills Bancorp in Bernardsville, N.J., have entered into a definitive merger agreement, with Lakeland Bancorp as the surviving bank holding company.
Stewart E. McClure Jr., currently president, CEO and chief operating officer at Somerset Hills Bancorp and its Somerset Hills Bank subsidiary, will serve as co-president of Lakeland Bank, the subsidiary of Lakeland Bancorp. Robert Vandenbergh, senior executive vice president and chief operating officer of Lakeland Bancorp and Lakeland Bank, will serve as co-president with McClure. Thomas J. Shara, president and CEO of Lakeland Bancorp and Lakeland Bank, will continue to serve as CEO of Lakeland Bank and as president and CEO of Lakeland Bancorp.
‘We are delighted to be combining with Somerset Hills, one of the best performing community banks in the state, and expanding Lakeland's presence in the New Jersey counties it serves," says Shara. "Both banks share a focus on community banking and providing the highest level of service to our customers.’
