LAKELAND BANCORP ACQUIRING SOMERSET HILLS IN $64.4 MILLION TAKEOVER
By Beth Fitzgerald/NJBIZ
January 29, 2013
Lakeland Bancorp has announced it will acquire Somerset Hills Bancorp in a deal valued at $12 a share, or $64.4 million — a 31 percent premium over the Monday closing price of Somerset Hills.
And while the increased burden and cost of government regulation is widely expected to drive a new wave of small-bank takeovers, Lakeland CEO Thomas J. Shara said that’s not what motivated this deal.