KBRA Upgrades and Subsequently Withdraws Ratings of Lakeland Bancorp, Inc.

Following the completion of Oak Ridge, New-Jersey based Lakeland Bancorp, Inc.'s (NASDAQ: LBAI) merger with Provident Financial Services, Inc. (NYSE: PFS) on May 15, 2024, KBRA upgrades the senior unsecured debt rating to BBB+ from BBB, the subordinated debt rating to BBB from BBB-, and the short-term debt rating to K2 from K3 for LBAI. In addition, KBRA upgrades the deposit and senior unsecured debt ratings to A- from BBB+, upgrades the subordinated debt rating to BBB+ from BBB, and affirms the short-term deposit and debt ratings of K2 for LBAI's subsidiary, Lakeland Bank. Subsequently, KBRA withdraws all ratings for Lakeland Bancorp, Inc. and Lakeland Bank.

To access rating and relevant documents, click here.

Methodologies