Lakeland Bancorp, Inc.

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Ademi LLP is investigating Lakeland (Nasdaq: LBAI) for possible breaches of fiduciary duty and other violations of law in its transaction with Provident.

Ademi LLP alleges Lakeland’s financial outlook and prospects are excellent and yet Lakeland holders will receive only 0.8319 shares of Provident common stock for each share of Lakeland common stock they own. Upon completion of the transaction, Provident shareholders will own 58% and Lakeland shareholders will own 42% of the combined company. The transaction agreement unreasonably limits competing bids for Lakeland by imposing a significant penalty if Lakeland accepts a superior bid. Lakeland insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Lakeland’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Lakeland.