Lakeland Bancorp Announces Capital Raise

Lakeland Bancorp, Inc. (the "Company")

announced that it has entered into a definitive securities purchase agreement with certain institutional investors advised by the same investment advisor to sell a total of 1,983,315 shares of its common stock to such investors at a price of $9.65 per share in a registered direct offering. The Company also announced that it has commenced an underwritten public offering of 621,762 shares of its common stock. Keefe, Bruyette & Woods is the sole book-running managing underwriter. The Company intends to grant Keefe, Bruyette & Woods the option to purchase up to an additional 10% of the shares of common stock being offered in the underwritten offering to cover over-allotments, if any.   The Company intends to use the total net proceeds from both the registered direct offering and the underwritten offering to redeem $25 million of junior subordinated debentures which have a current coupon rate of 7.535%. The shares of Common Stock will be issued pursuant to two prospectus supplements to be filed as part of an existing shelf registration statement on Form S-3 (File No. 333-162932), which was declared effective by the SEC on November 10,