The deal is expected to close in early 2019 with Highlands Bancorp Inc. and Highlands Bank becoming part of Lakeland Bancorp Inc. and Lakeland Bank, respectively. The transaction is valued at approximately $56.7 million.
Oak Ridge-based Lakeland Bank has 53 offices throughout the state in Bergen, Essex, Morris, Ocean, Passaic, Somerset, Sussex and Union counties. Vernon-based Highlands State Bank boasts branches in Sparta, Totowa and Denville.
“We are delighted to be combining with Highlands, and expanding Lakeland’s presence in Sussex, Passaic and Morris counties,” Lakeland Bancorp President and Chief Executive Officer Thomas Shara said in a release.