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Lakeland Bancorp board authorizes new stock repurchase plan

Lakeland Bancorp Inc.'s board authorized a new share repurchase program, under which the company may buy back up to 2,524,458 common shares, or roughly 5% of its outstanding common shares at Sept. 30.

As of Sept. 30, the company had about 50,489,161 shares outstanding.

The program does not obligate the company to repurchase any particular number of shares and may be terminated at any time without notice, at the company's discretion.