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Oak Ridge, New Jersey, August 29, 2012 – Lakeland Bancorp, Inc. (Nasdaq: LBAI), the holding company for Lakeland Bank, today announced that it has entered into an underwriting agreement with Keefe Bruyette & Woods, Inc., acting as sole underwriter, providing for the public offering of 621,762 shares of the Company’s Common Stock at a public offering price of $9.65 per share. The Company has granted the underwriter an option, exercisable for a period of 30 days, to acquire up to an additional 62,176 shares at the same price to cover over-allotments.
As previously announced, on August 28, 2012, Lakeland Bancorp entered into a separate securities purchase agreement with certain institutional investors advised by the same investment advisor. Pursuant to the securities purchase agreement, the Company agreed to sell an aggregate of 1,983,315 shares of its Common Stock, in a registered direct offering, also at a price of $9.65 per share.
Net proceeds to the Company in the two offerings, after underwriting discounts in the public offering and expenses payable by the Company with respect to both offerings, are estimated to be approximately $24.6 million. The Company intends to use the net proceeds to redeem $25 million of junior subordinated debentures which have a current coupon rate of 7.535%. Subject to normal regulatory approval, the Company intends to redeem these debentures at the next distribution date on October 7, 2012.
The underwriting agreement and the securities purchase agreement are subject to customary closing conditions. Closing of the transactions is expected to occur on September 4, 2012.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy shares of the Company’s Common Stock, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offerings will be made only by means of a prospectus and related prospectus supplements that have been filed as part of an effective shelf registration statement with the Securities and Exchange Commission on Form S-3 (Registration No. 333-162932). Copies of the prospectus and related prospectus supplements may be obtained from the SEC’s website at: www.sec.gov. Alternatively, copies of the prospectus supplement pertaining to the underwritten offering may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free 800-966-1559.
About Lakeland Bancorp and Lakeland Bank:

Lakeland Bancorp, the holding company for Lakeland Bank, has an asset base of approximately $2.9 billion and 47 offices spanning six northwestern New Jersey counties: Bergen, Essex, Morris, Passaic, Sussex and Warren. Lakeland Bank offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about the bank’s full line of products and services, visit www.lakelandbank.com.