CAMP
HILL, Pa., May 9, 2024 /PRNewswire/ -- LINKBANCORP,
Inc. (NASDAQ: LNKB) ("LINK" or the Company), today announced that
its wholly owned subsidiary, LINKBANK, entered into a definite
purchase and assumption agreement under which American Heritage
Federal Credit Union, based in Philadelphia, Pennsylvania, will acquire
LINKBANK's banking operations and 3 branches in New Jersey. The transaction includes
approximately $105 million of
deposits and $123 million in
loans.
The 3 branches were previously part of the Liberty Bell Bank
division of The Bank of Delmarva, which merged with LINBANK as part
of the Company's recent merger with Partners Bancorp.
Andrew Samuel, CEO, commented,
"As we continue to execute on initiatives to achieve the
operational efficiencies and revenue growth of the Partners
combination, we believe this divestiture will enable us to
re-allocate capital toward our core Pennsylvania markets and accelerate growth in
the robust Northern Virginia and
Maryland markets."
The transaction is subject to customary closing conditions,
including regulatory approvals, and is expected to close in the
second half of 2024.
Stephens Inc. served as financial adviser and Luse Gorman, PC provided legal counsel to LINK.
Olden Lane Securities, LLC served as financial adviser and Honigman
LLP and The Weber Firm, LLC provided legal counsel to American
Heritage Federal Credit Union.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to
positively impact lives through community banking. Its subsidiary
bank, LINKBANK, is a Pennsylvania
state-chartered bank serving individuals, families, nonprofits and
business clients throughout Pennsylvania, Maryland, Delaware, Virginia, and New
Jersey through 29 client solutions centers
and www.linkbank.com. LINKBANCORP, Inc. common stock is traded
on the Nasdaq Capital Market under the symbol "LNKB". For
further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not statements of current or
historical fact and involve substantial risks and uncertainties.
Words such as "anticipates," "believes," "estimates," "expects,"
"forecasts," "intends," "plans," "projects," "may," "will,"
"should," and other similar expressions can be used to identify
forward-looking statements. Such statements are subject to factors
that could cause actual results to differ materially from
anticipated results. Among the risks and uncertainties that could
cause actual results to differ from those described in the
forward-looking statements include, but are not limited to the
following: costs or difficulties associated with newly developed or
acquired operations; risks related to the integration of the merger
with Partners; changes in general economic trends, including
inflation and changes in interest rates; increased competition;
changes in consumer demand for financial services; our ability to
control costs and expenses; adverse developments in borrower
industries and, in particular, declines in real estate values;
changes in and compliance with federal and state laws that regulate
our business and capital levels; our ability to raise capital as
needed; and the effects of any cybersecurity breaches. The Company
does not undertake, and specifically disclaims, any obligation to
publicly revise any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements, except as required by law.
Accordingly, you should not place undue reliance on forward-looking
statements.
Contact:
Andrew Samuel
CEO
717.798.4230
asamuel@linkbank.com
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SOURCE LINKBANCORP, Inc.
