provident financial services inc pfs and announced tuesday and agreement to acquire lakeland bancorp inc lbai in a stock deal valued at 13 billion providents stock was indicated down nearly 1 in premarket trading while lakeland shares were halted for news until 745 am eastern under terms of the new jerseybased community banks deal lakeland shareholders will received 08319 provident shares for each lakeland share they own based on mondays closing prices that values lakeland shares at 1927 each an 183 premium the price implies a market capitalization for lakeland of 125 billion compared with providents market cap of 174 billion as of mondays close after the deal closes which is expected to occur in the second quarter of 2023 provident shareholders will own 58 of the combined company which is expected to have more than 25 billion in assets and 20 billion in total deposits lakelands stock has gained 92 over the past three months and provident shares have tacked on 37 while the sp 500 spx has dropped 63