Exhibit 10.11
AGREEMENT AND PLAN OF MERGER
LAKELAND BANK
(Receiving Bank)
and
THE NATIONAL BANK OF SUSSEX COUNTY
(Merging Bank)
This Agreement and Plan of Merger is made on the 2nd day of April, 2001,
between Lakeland Bank, a New Jersey state chartered banking association
("Lakeland"), and The National Bank of Sussex County, national banking
association ("NBSC").
I. BACKGROUND
-------------
Both Lakeland and NBSC are wholly-owned subsidiaries of Lakeland Bancorp,
Inc., a New Jersey bank holding company ("Bancorp"). Bancorp has determined that
it is in Lakeland's and NBSC's best interests to merge NBSC into Lakeland (the
"Merger").
NOW, THEREFORE, in consideration of these premises and the mutual covenants
contained herein, the parties agree as follows:
II. TERMS OF MERGER; CONVERSION OF SHARES
-----------------------------------------
2.1 The name of the merging bank is The National Bank of Sussex County.
NBSC has its principal office located at 0 Xxxxx Xxxxxx, Xxxxxxxxxxx, Xxx Xxxxxx
00000 and has branch offices located at the addresses listed on Exhibit A to
this Agreement.
2.2 The name of the receiving bank is Lakeland Bank. Lakeland has its
principal administration office located at 000 Xxx Xxxxx Xxxx, Xxx Xxxxx, Xxx
Xxxxxx 00000, an address of record of Xxx Xxxxxxxx Xxxxx, Xxxxxxxxxxxx, Xxx
Xxxxxx 00000 and has branch offices located at the addresses listed on Exhibit B
to this Agreement.
2.3 Upon consummation of the Merger, the receiving bank shall be known as
Lakeland Bank.
2.4 At the effective time of the Merger, NBSC shall be merged into
Lakeland. Lakeland shall succeed to all of the rights, obligations, assets, and
liabilities of NBSC, as provided by law. The present certificate of
incorporation, by-laws, and directors of Lakeland shall not be changed by the
Merger. All officers of Lakeland prior to the Merger shall continue to serve as
officers of Lakeland after the Merger and certain officers of NBSC shall be
appointed as officers of Lakeland upon consummation of the Merger, as listed in
Section 2.6 hereof.
2.5 The directors of the receiving bank shall be:
Xxxx X. Xxxxxxxxxx
Xxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxx
Xxxxx Xxxxx
Xxxxx X. Xxxxxx
Xxxx Xxx Xxxxxx
Xxxx X. Xxxxxxxxxx
Xxxx X. Xxxxxxxxxx
Xxxxxx X'Xxxx
Xxxx Xxxx, Xx.
2.6 The officers of the receiving bank shall be:
Xxxx X. Xxxxxxxxxx - Chairman of the Board
Xxxxxx X. Xxxxxxxxx - Vice Chairman of the Board
Xxxxxx X. Xxxxx - President
Xxxxx X. Xxxxxx - Vice President and Secretary
Xxxxxxx X. Xxxxxxxxx - Executive Vice President and Chief Retail Officer
Xxxxxx X. Xxxxxx - Executive Vice President and Chief Financial Officer
Xxxxx Xxxxxxxx - Executive Vice President and Chief Operations Officer
Xxxxxx Xxxxxxxxx - President of Leasing Division
Xxxxxx X. Xxxxxxxxxxx - Executive Vice President and Chief Lending Officer
Xxxx X. Xxxxx - Controller
Xxxxxxx Xxxxxxxxx - Vice President
Xxxxxxx X. Xxxxxxx - Vice President
Xxxxxxx Xxxxx - Vice President
Xxxxx Xxxxxxx - Vice President
Xxxxxx X. Xxxxx - Vice President
Xxxxxx Xxxxxx - Vice President
Xxxxxxx Xxxxx - Vice President
Xxxxxx Xxxxx - Vice President
Xxxxxxx Xxxx - Vice President
Xxxx XxXxxxxx - Vice President
Xxxxx Xxxxxx - Vice President
Xxxx Xxxx - Vice President
Xxxxxxx Xxxxxxxx - Vice President
Xxxxxxxx X. Xxxxx - Vice President
Xxxxx Xxxxxxx - Vice President
Xxxxx Xxxxxxx - Vice President
Xxxxxx X. Xxxxx - Vice President, Auditor
Xxxxxxx X. Xxxxxx, Vice President
Xxxxx Xxxxxxxxxxx - Vice President
Xxxx Xxxxxxx - Vice President
Xxxxxx X. Xxxxx - Vice President
Xxxx Xxxxx - Vice President
2
Xxxxxx Xxxxxx - Vice President
Xxxx X. Xxxxxx - Vice President
Xxxx Xxxxxx - Vice President
2.7 Upon consummation of the Merger, the location of the principal
administration office of the receiving bank shall be 000 Xxx Xxxxx Xxxx, Xxx
Xxxxx, Xxx Xxxxxx 00000 and the address of record of the receiving bank shall be
Xxx Xxxxxxxx Xxxxx, Xxxxxxxxxxxx, Xxx Xxxxxx 00000.
2.8 Upon consummation of the Merger, the locations of the branch offices of
the receiving bank shall be as listed on Exhibit C attached hereto.
2.9 The Merger shall be effective as of the close of business on the first
date on which all requisite regulatory approvals have been received, all
statutory waiting periods have expired and Lakeland and NBSC have filed
certifications with the New Jersey Department of Banking that the sole
shareholder of each corporation has approved this Agreement and the Merger in
accordance with Section 17:9A-137 of the New Jersey Banking Act of 1948.
2.10 Upon consummation of the Merger, the receiving bank will have capital
stock equal to $2,830,108, which shall be divided into 1,132,043 shares, par
value of $2.50 per share, and capital surplus of $35,373,555.
2.11 At the effective time of the Merger, the 1,200,000 outstanding shares
of NBSC, all of which are owned by Bancorp, shall be exchanged for the cash
payment by Lakeland to Bancorp of five dollars and no cents ($5.00).
III. MISCELLANEOUS
3.1 This Agreement may not be amended or supplemented except by a writing
executed by all the parties hereto.
3.2 The captions and section headings of this Agreement are included for
convenience and reference only, shall not be deemed or construed to be a part of
this Agreement, and shall in no way define, limit, describe or otherwise affect
this Agreement or any part thereof.
3.3 This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and to their respective successors and assigns.
3.4 This Agreement shall be governed by and construed according to the laws
of the State of New Jersey.
[Signature page follows]
3
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed on its behalf by its duly authorized officer.
THE NATIONAL BANK OF SUSSEX COUNTY
By: /s/ Xxxxxx X. Xxxxxxxxxxx
------------------------------
Name: Xxxxxx X. Xxxxxxxxxxx
Title: President
LAKELAND BANK
By: /s/ Xxxxxx X. Xxxxx
-------------------------------
Name: Xxxxxx X. Xxxxx
Title: President and Chief Executive Officer
4
EXHIBIT A
The National Bank of Sussex County Offices
(Prior to Merger):
Branchville (Principal Banking) Office: Hampton Office:
0 Xxxxx Xxxxxx 00 Xxxxxxx Xxxxx Xxxx
Xxxxxxxxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
Andover Office: Lafayette Office:
000 Xxxxx 000 00 Xxxxx 00
Xxxxxx, Xxx Xxxxxx 00000 Xxxxxxxxx, Xxx Xxxxxx 00000
Sparta Office: Frankford Office:
00 Xxxxxx Xxxxxx 000 Xxxxx 000
Xxxxxx, Xxx Xxxxxx 00000 Xxxxxxx, Xxx Xxxxxx 00000
Stillwater Office: Franklin Office:
000 Xxxx Xxxxxx 00 Xxxxx 00
Xxxxxxxxxx, Xxx Xxxxxx 00000 Franklin, New Jersey 07416
Vernon Office: Wantage Office:
000 Xxxxx 000 Xxxxx 00
Xxxxxx, Xxx Xxxxxx 00000 Sussex, Xxx Xxxxxx 00000
Xxxxxxx Xxxx Office:
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxx Xxxxxx 00000
EXHIBIT B
Lakeland Bank Offices
(Prior to Merger):
Newfoundland (Principal Banking Office): Bloomingdale Office:
One Lakeland Plaza 00 Xxxx Xxxxxx
Xxxxxxxxxxxx, Xxx Xxxxxx 00000 Xxxxxxxxxxxx, Xxx Xxxxxx 00000
Butler Office: Byram/Stanhope Office:
0000 Xxxxx 00 80 U.S. Highway 206
Butler, New Jersey 07405 Xxxxxxxx, Xxx Xxxxxx 00000
Xxxxx Ave. Office: Xxxxxx Office:
0 Xxxxx Xxxxxx 0000 Xxxxx Xxxxxx Xxxx
Xxxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
Xxxxxx Office: Newton Office:
0000 Xxxxxxxxx Xxxxxx Xxxx Xxx Xxxxxxx Xxxxx
Xxx Xxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
Ringwood Office: Rockaway Office:
00 Xxxxxxx Xxxxx Xxxxxxxx Xxxxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxxxx 00000 Rockaway, New Jersey 07866
Sparta Office: Wanaque Office:
000 Xxxxxx Xxxxxx 000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxx Xxxxxx 00000 Wanaque, New Jersey 07465
Wantage Office: West Milford Office:
000 Xxxxx Xxxxx 00 0000 Xxxxx Xxxxxx Xxxx
Xxxxxx, Xxx Xxxxxx 00000 Xxxx Xxxxxxx, Xxx Xxxxxx 00000
Wharton Office: Wyckoff Office:
000 Xxxxx Xxxx Xxxxxx 000 Xxxxxxx Xxxxxx
Xxxxxxx, Xxx Xxxxxx 00000 Xxxxxxx, Xxx Xxxxxx 00000
EXHIBIT B (Continued)
Montville Office: Fairfield Office:
000 Xxxxxxxxxxxx Xxxx 0000 Xxx Xxxxxxxxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxxxx 00000 Xxxxxxxxx, Xxx Xxxxxx 00000
Xxxxxxx Office:
0000 Xxxxxxxx Xxxxxx
Xxxxxxx, Xxx Xxxxxx 00000
EXHIBIT C
Lakeland Bank Offices
(After Consummation of the Merger):
NEWFOUNDLAND (Principal Banking Office): Bloomingdale Office:
One Lakeland Plaza 00 Xxxx Xxxxxx
Xxxxxxxxxxxx, Xxx Xxxxxx 00000 Xxxxxxxxxxxx, Xxx Xxxxxx 00000
Butler Office: Byram/Stanhope Office:
0000 Xxxxx 00 80 U.S. Highway 206
Butler, New Jersey 07405 Xxxxxxxx, Xxx Xxxxxx 00000
Xxxxx Ave. Office: Xxxxxx Office:
0 Xxxxx Xxxxxx 0000 Xxxxx Xxxxxx Xxxx
Xxxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
Xxxxxx Office: Newton Office:
0000 Xxxxxxxxx Xxxxxx Xxxx Xxx Xxxxxxx Xxxxx
Xxx Xxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
Ringwood Office: Rockaway Office:
00 Xxxxxxx Xxxxx Xxxxxxxx Xxxxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxxxx 00000 Rockaway, New Jersey 07866
Sparta Office: Wanaque Office:
000 Xxxxxx Xxxxxx 000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxx Xxxxxx 00000 Wanaque, New Jersey 07465
Wantage Office: West Milford Office:
000 Xxxxx Xxxxx 00 0000 Xxxxx Xxxxxx Xxxx
Xxxxxx, Xxx Xxxxxx 00000 Xxxx Xxxxxxx, Xxx Xxxxxx 00000
Wharton Office: Wyckoff Office:
000 Xxxxx Xxxx Xxxxxx 000 Xxxxxxx Xxxxxx
Xxxxxxx, Xxx Xxxxxx 00000 Xxxxxxx, Xxx Xxxxxx 00000
EXHIBIT C (Continued)
Montville Office: Fairfield Office:
000 Xxxxxxxxxxxx Xxxx 0000 Xxx Xxxxxxxxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxxxx 00000 Xxxxxxxxx, Xxx Xxxxxx 00000
Xxxxxxx Office: Andover Office:
0000 Xxxxxxxx Xxxxxx 000 Xxxxx 000
Xxxxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
Branchville Office: Lafayette Office:
0 Xxxxx Xxxxxx 00 Xxxxx 00
Xxxxxxxxxxx, Xxx Xxxxxx 00000 Xxxxxxxxx, Xxx Xxxxxx 00000
Sparta Office: Frankford Office:
00 Xxxxxx Xxxxxx 000 Xxxxx 000
Xxxxxx, Xxx Xxxxxx 00000 Xxxxxxx, Xxx Xxxxxx 00000
Stillwater Office: Franklin Office:
000 Xxxx Xxxxxx 00 Xxxxx 00
Xxxxxxxxxx, Xxx Xxxxxx 00000 Franklin, New Jersey 07416
Vernon Office: Wantage Office:
000 Xxxxx 000 Xxxxx 00
Xxxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
Hampton Office: Xxxxxxx Xxxx Office:
00 Xxxxxxx Xxxxx Xxxx 000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxx Xxxxxx 00000 Xxxxxx, Xxx Xxxxxx 00000
