NJ Department of Banking Approves Lakeland Bancorp-Somerset Hills Bancorp Merger

Lakeland Bancorp, Inc.

("Lakeland Bancorp"), the parent company of Lakeland Bank, announced that it has received approval from the New Jersey Department of Banking and Insurance of the proposed merger with Somerset Hills Bancorp

("Somerset Hills Bancorp"), the parent company of Somerset Hills Bank, and of the merger of the bank subsidiaries. The parties expect the additional required regulatory approvals to be forthcoming within the next few weeks. Lakeland Bancorp and Somerset Hills Bancorp intend to issue a press release once all regulatory approvals have been received. Lakeland Bancorp and Somerset Hills Bancorp will issue a press release announcing the deadline for submitting Election Forms (the "Election Form Deadline") pertaining to the form of consideration that Somerset Hills Bancorp shareholders wish to receive in the merger and of the anticipated closing date of the merger, when those dates are determined. Notification of the Election Form Deadline will be provided at least five (5) business days before the Election Form Deadline. The Election Form Deadline will be at least three (3) business days before the anticipated closing of the transaction. Both companies will hold their respective shareholders'