Lakeland Bancorp to redeem trust preferreds with stock sale proceeds

By Ashley Montgomery

Kansas City, Kan., Aug. 29 - Lakeland Bancorp, Inc. plans to use the proceeds from its offering of common stock to redeem its trust preferred securities issued in December 2003, according to a 424B5 filing with the Securities and Exchange Commission.

The company said it expects to spend $25.8 million on the full redemption of the trust preferreds.

Available cash may also be used to complete the redemption.

Lakeland is a bank holding company based in Oak Ridge, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.