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Lakeland Bancorp seeking to increase authorized common shares

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Lakeland Bancorp seeking to increase authorized common shares

Lakeland Bancorp Inc. is seeking shareholder approval of an amendment to the company's restated certificate of incorporation to increase the number of its authorized common shares to 100.0 million from 70.0 million and the number of authorized shares of its capital stock to 101.0 million from 71.0 million.

The board of the Oak Ridge, N.J.-based company emphasized the importance of having enough authorized common shares available for possible future financings, acquisitions, joint ventures and other general corporate purposes, according to a proxy statement.

Lakeland Bancorp will hold its annual meeting of shareholders on May 9.

The company also reported a 2017 CEO pay ratio of 29 to 1. It had paid President and CEO Thomas Shara Jr. $1.7 million in total compensation that year. The median compensation for all other employees was $57,125.