Bailout Bank Bio: Lakeland Bancorp

May 28, 2009 | 2 min read | Print Article

Lakeland Bancorp, Inc., through its subsidiary, Lakeland Bank, provides various commercial and consumer banking products and services to individuals and small to medium sized businesses primarily in northern New Jersey. The company’s depository products include checking accounts, savings accounts, demand deposits, time deposits, NOW accounts, money market accounts, and certificates of deposit. It also offers short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, secured and unsecured loans, and consumer installment loans. In addition, the company provides collection, wire transfer, night depository, and safe deposit services, as well as investment and advisory services for individuals. As of December 31, 2007, it operated 49 branches in Passaic, Morris, Sussex, Bergen, Essex, and Warren Counties, New Jersey. The company was founded in 1969 and is headquartered in Oak Ridge, New Jersey.

In December Lakeland announced that it would participate in the Treasury Department’s Capital Purchase Program. Under the program the company received $59 million in exchange for preferred stock.

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Bailout Bank Bio: Lakeland Bancorp


Federal Equity Investment	$59 million
Total Revenue	$161.5 million (2008) $155.1 million (2007)
Net Income	$15.2 million (2008) $18.0 million (2007)
Number of Employees	540
Corporate Headquarters	Oak Ridge, New Jersey
Business Sector	Bank
Officers and Directors	Shara, Thomas, President, Chief Executive Officer, Director Fredericks, John, Chairman of the Board Other Officers and Directors
Corporate Website	http://www.lakelandbank.com
Executive Compensation	Lakeland Bancorp