Dear former Lakeland shareholder:

On May 15, 2024 the merger of Lakeland with and into Provident (the “Merger”) was completed pursuant to the Agreement and Plan of Merger, dated as of September 26, 2022, (as subsequently amended, the “Merger Agreement”). In accordance with the Merger Agreement, you will receive 0.8319 shares of Provident common stock in exchange for each share of Lakeland common stock that you hold, with cash to be paid in lieu of fractional shares of Provident common stock.

Since the Merger, you are no longer able to access your Stockholder Account Information through EQ Shareowner Services (“EQ”), as EQ has transferred shares and shareholder information to Broadridge Financial Solutions, Inc. (“Broadridge”), a leading service provider that Provident has relied on to provide shareholder services. Broadridge has recently received all files and is currently working on the transfer process. This is expected to be completed shortly. On or before Monday, June 17, Broadridge will be mailing each former shareholder with information and related documents on how to set up new accounts for converted Provident shares.

Thank you for your patience during this process. For additional information, please visit Broadridge’s page for Provident investors (https://shareholder.broadridge.com/providentnj/) or contact Broadridge by phone at 1-888-235-9148 or by e-mail at Shareholder@Broadridge.com

About Us

Deposit Marketshare

LAKELAND BANCORP, INC. (NASDAQ - LBAI)  

Deposit Market Share for Selected Markets


Pending Ownership, including Bank, Savings Bank, Thrift Branches
Ownership as of 1/26/2021, Branches and Deposits as of 6/30/2020

COUNTY: Sussex, NJ

2020 Rank

2019 Rank

Institution (Headquarters)

Type

2020
Number of Branches

2020 Total Deposits in Market ($M)

2020 Total Market Share (%)

2019 Total Deposits in Market ($M)

2019 Total Market Share (%)

1

1

Lakeland Bancorp (NJ)

Bank

11

1,260.9

30.64

1,115.4

31.73

2

2

Provident Financial Services (NJ)

Bank

7

939.7

22.83

792.4

22.54

3

3

JPMorgan Chase & Co. (NY)

Bank

6

660.5

16.05

512.5

14.58

4

4

PNC Financial Services Group (PA)

Bank

5

321.5

7.81

282.9

8.05

5

5

Wells Fargo & Co. (CA)

Bank

3

285.4

6.94

243.7

6.93

6

6

Valley National Bancorp (NJ)

Bank

3

239.4

5.82

222.6

6.33

7

8

First Hope Bancorp (NJ)

Bank

2

177.7

4.32

139.4

3.97

8

7

Banco Santander

Bank

2

155.7

3.78

143.8

4.09

9

9

Toronto-Dominion Bank

Bank

1

74.8

1.82

62.9

1.79

 

 

Total for institutions in market

 

40

4,115.6

 

3,515.6

 


COUNTY: Morris, NJ

2020 Rank

2019 Rank

Institution (Headquarters)

Type

2020
Number of Branches

2020 Total Deposits in Market ($M)

2020 Total Market Share (%)

2019 Total Deposits in Market ($M)

2019 Total Market Share (%)

1

1

Bank of America Corporation (NC)

Bank

20

4,589.4

16.60

3,974.8

15.81

2

2

JPMorgan Chase & Co. (NY)

Bank

22

3,583.1

12.96

3,135.8

12.48

3

4

Toronto-Dominion Bank

Bank

15

2,835.5

10.26

2,373.6

9.44

4

3

Wells Fargo & Co. (CA)

Bank

17

2,809.9

10.17

2,399.6

9.55

5

6

PNC Financial Services Group (PA)

Bank

15

1,980.0

7.16

1,665.2

6.62

6

7

Valley National Bancorp (NJ)

Bank

15

1,667.8

6.03

1,492.3

5.94

7

10

Peapack-Gladstone Financial (NJ)

Bank

6

1,256.6

4.55

1,027.7

4.09

8

8

Lakeland Bancorp (NJ)

Bank

13

1,186.8

4.29

1,055.7

4.20

9

5

HSBC Holdings

Bank

1

1,161.5

4.20

1,990.3

7.92

10

9

Provident Financial Services (NJ)

Bank

10

1,092.8

3.95

1,032.2

4.11

 

 

Total for institutions in market

 

196

27,640.8

 

25,135.8

 


COUNTY: Passaic, NJ

2020 Rank

2019 Rank

Institution (Headquarters)

Type

2020
Number of Branches

2020 Total Deposits in Market ($M)

2020 Total Market Share (%)

2019 Total Deposits in Market ($M)

2019 Total Market Share (%)

1

1

Valley National Bancorp (NJ)

Bank

18

7,164.3

37.20

6,164.0

38.44

2

2

Toronto-Dominion Bank

Bank

13

1,803.0

9.36

1,470.0

9.17

3

4

Lakeland Bancorp (NJ)

Bank

10

1,656.7

8.60

1,246.3

7.77

4

3

PNC Financial Services Group (PA)

Bank

16

1,468.9

7.63

1,264.3

7.88

5

5

Wells Fargo & Co. (CA)

Bank

14

1,423.7

7.39

1,212.5

7.56

6

6

JPMorgan Chase & Co. (NY)

Bank

9

1,308.2

6.79

1,033.8

6.45

7

7

Columbia Financial Inc. (MHC) (NJ)

Thrift

8

889.9

4.62

791.6

4.94

8

8

Bank of America Corporation (NC)

Bank

5

812.4

4.22

684.8

4.27

9

13

Capital One Financial Corp. (VA)

Bank

1

690.0

3.58

204.8

1.28

10

10

Citigroup Inc. (NY)

Bank

1

622.0

3.23

491.0

3.06

 

 

Total for institutions in market

 

112

19,258.6

 

16,034.4

 


STATE: New Jersey

2020 Rank

2019 Rank

Institution (Headquarters)

Type

2020
Number of Branches

2020 Total Deposits in Market ($M)

2020 Total Market Share (%)

2019 Total Deposits in Market ($M)

2019 Total Market Share (%)

1

1

Bank of America Corporation (NC)

Bank

228

68,569.0

17.02

56,039.3

16.39

2

2

Toronto-Dominion Bank

Bank

239

52,076.8

12.93

41,823.3

12.23

3

3

Wells Fargo & Co. (CA)

Bank

256

43,348.1

10.76

36,444.5

10.66

4

4

PNC Financial Services Group (PA)

Bank

253

38,668.2

9.60

29,975.9

8.77

5

5

JPMorgan Chase & Co. (NY)

Bank

207

30,235.6

7.51

23,807.1

6.96

6

6

Valley National Bancorp (NJ)

Bank

133

20,023.4

4.97

18,121.1

5.30

7

7

Investors Bancorp Inc (NJ)

Bank

115

17,297.4

4.29

16,226.4

4.75

8

8

Banco Santander

Bank

124

11,636.2

2.89

10,476.3

3.06

9

9

Provident Financial Services (NJ)

Bank

95

9,037.9

2.24

8,066.2

2.36

10

10

OceanFirst Financial Corp. (NJ)

Bank

64

8,173.9

2.03

7,192.2

2.10

14

14

Lakeland Bancorp (NJ)

Bank

52

5,998.4

1.49

5,028.9

1.47

 

 

Total for institutions in market

 

2,661

402,836.3

 

341,953.5