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Lakeland Bancorp in Oak Ridge has agreed to buy Somerset Hills Bancorp in Bernardsville, N.J.
January 29 -
The New Jersey company is well capitalized but was challenged making bigger loans to its commercial clients, an issue that could lead other small banks to seek buyers.
January 29
Lakeland Bancorp (LBAI) in Oak Ridge, N.J., has tapped a new leader for its bank just two days after announcement plans to buy Somerset Hills Bancorp (SOMH).
The $2.9 billion-asset company said Thursday that its board had promoted Robert Vandenbergh to become the president and chief operating officer of Lakeland Bank. Vandenbergh, who remains the company's chief operating officer, joined Lakeland in 1998 when it bought National Bank of Sussex County.
Lakeland is just days removed from announcing
Vandenbergh's "extensive banking background and … his leadership in the integration of other banks throughout his tenure with Lakeland Bank bring great strength to this position," Thomas Shara, Lakeland Bancorp's president and chief executive, said in Thursday's press release.