 OAK RIDGE, N.J., Sept. 08, 2021 GLOBE NEWSWIRE -- Lakeland Bancorp, Inc. NASDAQ: LBAI Lakeland or the Company, the holding company for Lakeland Bank, today announced that it has priced an underwritten public offering of 150 million aggregate principal amount of its fixed-to-floating rate subordinated notes the Notes due 2031. The Notes will initially bear a fixed interest rate of 2.875 per year. Commencing on December 15, 2026, the interest rate on the Notes will reset quarterly to the three-month SOFR rate plus a spread of 220 basis points, payable quarterly in arrears. The offering is expected to close on September 15, 2021, subject to the satisfaction of customary closing conditions. The Company plans to use the net proceeds from the Notes offering for general corporate purposes, which may include refinancing activities, including redeeming all or a portion of the outstanding principal amount of its outstanding subordinated notes. 