Lakeland Bancorp : Bank Provides $4,000,000 in Financing to a Behavioral Health and Substance Abuse Facility in New York – January 6, 2022

Oak Ridge, N.J. – January 6, 2022 – Lakeland Bank was pleased to provide a $3,000,000 commercial mortgage and $1,000,000 line of credit to a Behavioral Health and Substance Abuse Facility in New York City.

“Covid-19 has created increased public attention on long-term care facilities, but equally noteworthy is the impact it has had on behavioral health and substance abuse,” said Roberto Camacho, Vice President of Healthcare Lending. “According to CDC’s National Center for Health Statistics, there was an estimated 100,000+ overdose deaths in the U.S. from April 2020 to April 2021 – a 28.5% increase from the prior year and an all-time high. There is no argument that this segment of healthcare remains grossly underserved.”

“Given the limited number of OTP-1 Licenses in the State of New York, we were fortunate and honored to be given the opportunity to provide financing to a key stakeholder in New York City’s efforts the major public health crisis of drug addiction,” said Camacho. This organization has helped tens of thousands of people through their treatment programs and community engagement efforts, and we look forward to a long-term relationship with this impressive organization.”

Lakeland Bank’s Healthcare Banking experts are here to help by delivering customized solutions for unique challenges within the healthcare industry. Lakeland Bank’s Healthcare Banking offers comprehensive lending and treasury management solutions to organizations across the healthcare spectrum. Our experienced lenders utilize a relationship banking approach, allowing them to provide value in many different verticals to various businesses. We provide financial solutions to nonprofit organizations, hospitals, higher education, senior living facilities, private equity groups, medical office building buyers, real estate investment trusts, large medical practices, behavioral health and ambulatory/outpatient facilities.

Ron Krauskopf

Senior Vice President, Healthcare Lending

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Roberto Camacho

Vice President, Healthcare Lending

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About Lakeland Bank

Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $8.1 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., the Bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset-based lending, equipment financing, small business loans and lines, and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as New Jersey’s #1 Best-In-State Bank by Forbes and Statista, named a Best Bank To Work For by American Banker and Best Companies Group, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.

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