CAMP
HILL, Pa., Dec. 1, 2023 /PRNewswire/ -- Andrew
Samuel, Chief Executive Officer of LINKBANCORP, Inc. ("LINK")
(NASDAQ: LNKB), parent company of LINKBANK, announced today the
completion of the merger of Partners Bancorp ("Partners") (NASDAQ:
PTRS) with and into LINK, and the merger of The Bank of Delmarva
and Virginia Partners Bank with and into LINKBANK, effective
November 30, 2023.
"We are delighted with the closing of this transformational
combination that establishes LINKBANK as a premier Mid Atlantic
community bank franchise," said Samuel. "We look forward to moving
forward united with an experienced and respected board, leadership
team, and employees highly focused on building sustained value for
our key stakeholders."
Newly-established LINKBANK regions comprised of legacy markets
of Partners' bank subsidiaries are being led by in-market
leadership familiar to customers of The Bank of Delmarva and
Virginia Partners Bank, including the following: John W.
Breda, Market CEO, Delmarva
Region; Adam Nalls, Market CEO,
Northern Virginia;
David Talebian, Market President, Northern Virginia; Wallace King, Regional President, Fredericksburg
Region; J.D. Zachry, Regional President, Central Region; and
Carl Cottingham, Regional President,
Delmarva Region. LINKBANK's existing Delaware Valley Region will
continue to be led by Drew Smith,
Regional President, with the addition of John Herring as a Regional President for
New Jersey. Additionally, in
connection with the closing of the merger, ten former Partners
directors have been appointed to the LINK Board of Directors,
including Partners' current Chairman, Jeffrey Turner, who has been appointed Vice
Chair of the LINK board.
"We are excited to join the LINKBANK team and work together to
benefit all of our stakeholders," said Breda. "The increased scale and resources
resulting from this combination will enable us to provide customers
with a robust suite of products and customer service capabilities,
that will continue to be delivered through a regional,
relationship-based community banking model."
Following the merger the combined company has total assets of
approximately $2.8 billion, deposits
of approximately $2.3 billion and
loans of approximately $2.2 billion,
serving individuals, families, nonprofits and business clients in
Central and Southeastern
Pennsylvania, Maryland,
Delaware, Virginia, and Southern New Jersey through 31 client solution
centers operating under the LINKBANK brand and online at
www.linkbank.com.
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 31 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 communication includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to the beliefs, goals, intentions, and expectations of
LINK and Partners regarding the transaction and other statements
that are not historical facts.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "will," "should," and other
similar words and expressions, and are subject to numerous
assumptions, risks, and uncertainties, which change over time.
Additionally, forward‐looking statements speak only as of the date
they are made; LINK does not assume any duty, and does not
undertake, to update such forward‐looking statements, whether
written or oral, that may be made from time to time, whether as a
result of new information, future events, or otherwise.
Furthermore, because forward‐looking statements are subject to
assumptions and uncertainties, actual results or future events
could differ, possibly materially, from those indicated in or
implied by such forward-looking statements as a result of a variety
of factors, many of which are beyond the control of LINK. Such
statements are based upon the current beliefs and expectations of
the management of LINK and are subject to significant risks and
uncertainties outside of the control of LINK. Caution should be
exercised against placing undue reliance on forward-looking
statements. The factors that could cause actual results to differ
materially include the following: the possibility that the
anticipated benefits of the transaction will not be realized when
expected or at all, including as a result of the impact of, or
problems arising from, the integration of the two companies or as a
result of the strength of the economy and competitive factors in
the areas where LINK and Partners do business; the possibility that
the transaction may be more expensive than anticipated, including
as a result of unexpected factors or events; diversion of
management's attention from ongoing business operations and
opportunities; the possibility that the parties may be unable to
achieve expected synergies and operating efficiencies in the merger
within the expected timeframes or at all and to successfully
integrate Partners' operations and those of LINK; such integration
may be more difficult, time-consuming or costly than expected;
revenues following the transaction may be lower than expected;
LINK's success in executing its business plans and strategies and
managing the risks involved in the foregoing; the dilution caused
by LINK's issuance of additional shares of its capital stock in
connection with the transaction; effects of the completion of the
transaction on the ability of LINK to retain customers and retain
and hire key personnel and maintain relationships with its
suppliers, and on its operating results and businesses generally;
and risks related to the potential impact of general economic,
political and market factors on LINK and other factors that may
affect future results of LINK; and the other factors discussed in
the "Risk Factors" section of each of LINK's and Partners' Annual
Report on Form 10‐K for the year ended December 31, 2022, in the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of each of LINK's and Partners'
Quarterly Report on Form 10‐Q for the quarter ended September 30, 2023, and other reports LINK and
Partners file or filed with the U.S. Securities and Exchange
Commission.
Contact:
Nicole Davis
Corporate and Investor Relations Officer
717.803.8895
IR@LINKBANCORP.COM
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SOURCE LINKBANCORP, Inc.