EXHIBIT 99(a)
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October 23, 2000
Donald L. Kovach Roger Bosma
President & CEO President & CEO
Sussex Bancorp Lakeland Bancorp
973-827-2914 973-697-2000
Lakeland Bancorp Acquires 9.9% of Sussex Bancorp
Oak Ridge, NJ - John Fredericks, Chairman of Lakeland Bancorp, Oak Ridge, NJ
(NMS: "LBAI") and Donald Kovach, Chairman and President of Sussex Bancorp,
Franklin, NJ (AMEX: "SBB") jointly announced today an agreement, subject to
regulatory approval, whereby Lakeland Bancorp will acquire newly issued common
shares of Sussex Bancorp representing 9.9% of Sussex's outstanding shares at
$8.50 per share. If the purchase had been consummated on September 30, 2000,
Lakeland would have purchased approximately 139,000 Sussex common shares, for
gross proceeds of approximately $1,180,000.
"We look on this as an investment for our shareholders in a growing local
community bank," said Roger Bosma, President and CEO of Lakeland Bancorp. "This
is an opportunity for Lakeland to invest in that sector of the Sussex County
market not otherwise available to us."
"This addition of capital will enable us to continue to expand Sussex Bancorp,
strengthen our independence, and more economically serve the people of Sussex
County who deserve and enjoy the personal service a strong community bank
offers," said Kovach.
The $875 million asset Lakeland Bancorp, holding company for The National Bank
of Sussex County and Lakeland Bank, has 28 banking offices in Northwest New
Jersey. Sussex Bancorp, with assets of $156 million, is the holding company for
Sussex County State Bank which has eight banking offices in Sussex County.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements can
be identified by the use of words such as "believes", "expects", and similar
words or variations. Such statements are not historical facts and involve
certain risks and uncertainties. Actual results may differ materially from the
results discussed in these forward-looking statements. Factors that may cause a
difference include, but are not limited to, changes in interest rates, economic
conditions, deposit and loan growth, loan loss provisions, customer retention,
or failure to realize expected cost savings or revenue enhancements from
acquisitions. Lakeland Bancorp assumes no obligation
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