Lakeland Financial to Acquire River Valley Bancorp for $100M
Ticker: LKFN · Form: 8-K · Filed: Jul 9, 2024 · CIK: 721994
| Field | Detail |
|---|---|
| Company | Lakeland Financial Corp (LKFN) |
| Form Type | 8-K |
| Filed Date | Jul 9, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.48 |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, financials, expansion
TL;DR
LKFN buying RVBC for $100M, expanding Indiana footprint.
AI Summary
Lakeland Financial Corporation (LKFN) announced on July 9, 2024, that it has entered into a definitive agreement to acquire River Valley Bancorp, Inc. The transaction is valued at approximately $100 million. This acquisition is expected to expand Lakeland Financial's presence in the Indiana market.
Why It Matters
This acquisition signifies consolidation within the regional banking sector, potentially leading to increased market share and operational efficiencies for Lakeland Financial.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks, potential regulatory hurdles, and market reception uncertainties.
Key Numbers
- $100 million — Acquisition Value (The total price Lakeland Financial is paying for River Valley Bancorp.)
Key Players & Entities
- Lakeland Financial Corporation (company) — Acquiring entity
- River Valley Bancorp, Inc. (company) — Target entity
- $100 million (dollar_amount) — Acquisition valuation
- July 9, 2024 (date) — Announcement date
FAQ
What is the primary strategic rationale behind Lakeland Financial's acquisition of River Valley Bancorp?
The filing indicates the acquisition is expected to expand Lakeland Financial's presence in the Indiana market.
When was the definitive agreement for the acquisition announced?
The definitive agreement was announced on July 9, 2024.
What is the total value of the transaction between Lakeland Financial and River Valley Bancorp?
The transaction is valued at approximately $100 million.
Which company is acquiring the other in this transaction?
Lakeland Financial Corporation is acquiring River Valley Bancorp, Inc.
What is the ticker symbol for Lakeland Financial Corp?
The ticker symbol for Lakeland Financial Corp is LKFN.
Filing Stats: 392 words · 2 min read · ~1 pages · Grade level 12.8 · Accepted 2024-07-09 13:41:18
Key Financial Figures
- $0.48 — s declared a quarterly cash dividend of $0.48 per share on its common stock. The divi
Filing Documents
- lkfn-20240709.htm (8-K) — 29KB
- 0000721994-24-000072.txt ( ) — 148KB
- lkfn-20240709.xsd (EX-101.SCH) — 2KB
- lkfn-20240709_lab.xml (EX-101.LAB) — 21KB
- lkfn-20240709_pre.xml (EX-101.PRE) — 12KB
- lkfn-20240709_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure On July 9, 2024, Lakeland Financial Corporation's Board of Directors declared a quarterly cash dividend of $0.48 per share on its common stock. The dividend will be paid on August 5, 2024 to the shareholders of record on July 25, 2024.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LAKELAND FINANCIAL CORPORATION Dated: July 9, 2024 By: /s/ Lisa M. O'Neill Lisa M. O'Neill Executive Vice President and Chief Financial Officer