LINKBANCORP, INC. Announces Receipt of Regulatory Approvals for New Jersey Branch Sale
Rhea-AI Summary
LINKBANCORP (NASDAQ: LNKB) has secured all regulatory approvals for the sale of its New Jersey operations to American Heritage Federal Credit Union. The transaction, set to close on March 31, 2025, includes three branches along with their associated loans, deposits, and fixed assets. These assets were originally acquired through LINK's merger with Partners Bancorp in November 2023.
The sale to the Philadelphia-headquartered credit union remains subject to customary closing conditions. This move represents a strategic divestment of assets acquired during LINK's recent expansion.
Positive
- Received all regulatory approvals for strategic divestment
- Sale includes complete package of branches, loans, deposits, and fixed assets
Negative
- Reduction in operational footprint and market presence through branch divestiture
News Market Reaction
On the day this news was published, LNKB gained 1.88%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The transaction, which is anticipated to close on March 31, 2025, is subject to the fulfillment of customary closing conditions. This strategic sale includes three of the Company's branches, along with the associated loans, deposits and fixed assets, acquired as part of the Company's merger with Partners Bancorp in November, 2023.
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
LINKBANCORP, Inc. Contact
Nick West
Director, Corporate Development
631-905-9857
nwest@linkbank.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.
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SOURCE LINKBANCORP, Inc.
FAQ
When will LINKBANCORP (LNKB) complete the sale of its New Jersey branches?
How many branches is LINKBANCORP (LNKB) selling to American Heritage Federal Credit Union?
What assets are included in LINKBANCORP's (LNKB) New Jersey operations sale?
When did LINKBANCORP (LNKB) acquire these New Jersey operations?
