Lakeland Bank Appoints Inserra to Board of Directors
February 1, 2016
Oak Ridge, N.J. – Feb. 1, 2016 – Thomas J. Shara, CEO of Lakeland Bancorp, Inc. (NASDAQ: LBAI) announced that Lawrence R. Inserra, Jr. was appointed to the Boards of Directors of Lakeland Bancorp, Inc. (“Lakeland”) and Lakeland Bank, pursuant to the Agreement and Plan of Merger, dated as of August 3, 2015, by and between Lakeland Bancorp, Inc. and Pascack Bancorp, Inc. (“Pascack”).
Inserra, age 58, is Chairman of the Board and CEO of Inserra Supermarkets, Inc., a family owned business founded in 1954 and one of the largest supermarket chains in the metropolitan area, which owns and operates 22 ShopRite stores throughout New Jersey and New York.
“We are delighted to welcome Larry Inserra to our Board of Directors. His proven business and philanthropic leadership will add a valuable perspective to our Board,” stated Shara.
Inserra also holds a number of leadership positions, both professionally and philanthropically, including board member and treasurer of Wakefern Food Corporation. In 2013, he was named Chairman of the Board of Governors at Hackensack University Medical Center (HUMC) after serving as first Vice Chairman and Chairman of the Human Resources Committee at HUMC. Inserra received a Bachelor of Science in business and economics from Lehigh University.
Inserra served as a director of Pascack from 2011 until the closing of the merger with Lakeland, and as a member of Pascack’s compliance committee.
It is expected that Lakeland’s Board will nominate Inserra to be elected by Lakeland’s shareholders at its 2016 annual meeting for a term expiring in 2017. Inserra has been appointed to serve on Lakeland’s Directors Loan Review and Policy Committees.
In addition, Lakeland has established a Corporate Advisory Council, which will be chaired by Jon F. Hanson, the former Chairman of the Board of Pascack. The Corporate Advisory Council will also be composed of the following three former directors of Pascack: Daniel J. Geltrude, Jerrold B. Grossman and Jerome J. Lombardo.
“The Advisory Council will provide guidance and advice to Lakeland with respect to the business markets in the areas Lakeland will serve as a result of its acquisition of Pascack,” said Shara. “We are fortunate to have their support and will benefit from their broad experience as we expand in these markets.”
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has $4.2 billion in total assets. The Bank operates 53 New Jersey branch offices in Bergen, Essex, Morris, Passaic, Somerset, Sussex, Union and Warren counties; five New Jersey regional commercial lending centers in Bernardsville, Montville, Newton, Teaneck and Wyckoff/Waldwick; and two commercial loan production offices serving Middlesex and Monmouth counties in New Jersey and the Hudson Valley region of New York. Lakeland Bank offers an extensive suite of financial products and services for businesses and consumers. Visit LakelandBank.com for more information.