Tag: linkbank. harrisburg

Camp Hill-based LinkBancorp Inc., parent company of LinkBank, and Partners Bancorp, a financial services company with operating subsidiaries The Bank of Delmarva and Virginia Partners Bank, has entered into an agreement to merge in an all-stock combination, valued at approximately $167.8 million.

Once the transaction is completed, the combined organization will be a leading mid-Atlantic community banking franchise with nearly $3 billion in assets and an expected $300-plus million market capitalization.

The combined bank holding company will operate under the LinkBancorp Inc. name; each of Partners’ subsidiary banks will merge with and into LinkBank. The combined company will operate under Link’s regional focused business model, and Partners executives will lead the Delmarva/Maryland, Northern Virginia and Fredericksburg regions. The corporate headquarters will be in Camp Hill.

Andrew S. Samuel, CEO and vice chairman of LinkBankcorp, said in a release, “This is a transformational partnership that will enhance what both banks are able to do for our team members, clients, investors and communities, while driving significant value for our shareholders. This merger significantly accelerates each entity’s size, profitability and operating leverage. We look forward to bringing our companies together to better serve all stakeholders and achieve our mission of positively impacting lives.”

Joseph C. Michetti, Jr., Link’s current chairman, will continue to serve as chairman of the combined company board of directors.

The merger is expected to close in the third quarter of this year.

LinkBancorp Inc. was formed in 2018. Its subsidiary, LinkBank, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout central and southeastern Pennsylvania through 10 client solutions centers. The merged entity will have a combined 30 or so branches in Pennsylvania, New Jersey, Delaware, Maryland and Virginia.

Paula Wolf is a freelance writer