Lakeland Bancorp (LBAI) Receives Preliminary Approval for $59 Million From TARP
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Lakeland Bancorp, Inc. (Nasdaq: LBAI ) announced that it has received preliminary approval to participate in the U.S. Treasury Department's TARP Capital Purchase Program.
On December 15, 2008, Lakeland was advised by the Treasury that Lakeland's application under the Program preliminarily was approved on December 11, 2008 for the sale and issuance to the Treasury of up to $59 million in Lakeland nonvoting senior preferred stock, plus warrants to purchase Lakeland common shares with an aggregate market price equal to fifteen percent of the senior preferred investment.
Lakeland Bancorp, Inc. is a bank holding company.[SM]
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