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LINKBANCORP, Inc. was a Pennsylvania bank holding company and the former parent of LINKBANK, a Pennsylvania-chartered commercial bank. News about LNKB centered on quarterly operating results, common-stock dividends, loan and deposit trends, capital measures, governance matters, and strategic actions affecting its community banking footprint.
The company’s recent corporate news also included the completed sale of its New Jersey banking operations and the completed merger of LINKBANCORP into Burke & Herbert Financial Services Corp., with LINKBANK merging into Burke & Herbert Bank & Trust Company.
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LINKBANCORP (NASDAQ: LNKB) and Partners Bancorp (NASDAQ: PTRS) announced a definitive agreement for an all-stock merger valued at approximately $167.8 million. Under the agreement, Partners shareholders will receive 1.15 shares of LINK for each share they hold. Post-merger, Partners shareholders will own about 56% of the combined entity, which will have nearly $3 billion in assets. The merger is expected to close in Q3 2023, subject to regulatory and shareholder approvals. The combined company aims to enhance service capability and operational scale while achieving significant financial benefits, including EPS accretion for both sets of shareholders.
LINKBANCORP, Inc. and Partners Bancorp have announced a definitive merger agreement valued at approximately $167.8 million, combining their assets to create a leading Mid-Atlantic community bank with nearly $3 billion in assets. The all-stock transaction allows Partners' shareholders to receive 1.15 shares of LINK for each share they own. Post-merger, Partners will own approximately 56% and LINK will have 44% of the combined entity. Expected to close in Q3 2023, the merger aims to enhance profitability and operational scale while maintaining a regional-focused business model.
LINKBANCORP, Inc. announced the appointment of Dee Bonora as Chief Technology Officer on February 15, 2023. With 25 years of experience in technology and software engineering, Bonora aims to drive innovation and enhance operational excellence within the company. CEO Andrew Samuel expressed excitement over her leadership, believing it will improve business functionalities and client experience. Bonora was attracted to LINKBANCORP's culture and commitment to positively impacting lives. The bank operates throughout Central and Southeastern Pennsylvania, serving a variety of clients.
LINKBANCORP, Inc. (NASDAQ: LNKB) reported a net income of $696 thousand, or $0.05 per diluted share, for Q4 and $5.6 million, or $0.49 per diluted share, for the year ending December 31, 2022. Adjusted earnings for Q4 were $1.47 million, excluding merger expenses. The Board declared a quarterly cash dividend of $0.075 per share. Key highlights include a 30% annualized growth in net loans, a 49% increase in noninterest-bearing deposits, and a net interest margin of 3.36%. Total assets grew to $1.164 billion, with strong asset quality and capital ratios exceeding regulatory requirements.
LINKBANK has appointed Doug Klinger as the new Northern Regional President, responsible for growth initiatives in the Upper Dauphin, Schuylkill, and Northumberland markets. With 29 years of banking experience, Klinger is poised to enhance the bank's impact and align with its core values. President Brent Smith expressed enthusiasm for Klinger joining the team, emphasizing his market knowledge and passion for community service. Klinger, a local resident, holds a Bachelor’s in finance and economics from Indiana University of Pennsylvania.
LINKBANCORP reported net income of $1.8 million, or $0.17 per diluted share, for Q3 2022, up from $1.6 million in Q2 2022. The Board declared a $0.075 quarterly cash dividend, payable on December 15, 2022. Highlights include a 40% annualized growth in net loans, reaching $72.9 million, and a 23% increase in total deposits, at $49.3 million. Net interest income increased to $8.7 million, a 10.4% rise from the previous quarter, with a net interest margin of 3.51%. The IPO generated $34.7 million, enhancing growth potential amid economic uncertainties.
LINKBANCORP, Inc. (NASDAQ: LNKB) announced the successful completion of its overallotment option, selling an additional 526,205 shares at $7.50 each, generating approximately $3.9 million in gross proceeds. After costs, net proceeds are expected to be about $3.6 million. The offering was managed by Stephens Inc. and Piper Sandler & Co., with D.A. Davidson & Co. as co-manager. The company's registration statement was declared effective on September 13, 2022. LINKBANCORP aims to impact lives through community banking in Central and Southeastern Pennsylvania.
LINKBANCORP, Inc. has successfully closed its initial public offering (IPO), selling 4,575,000 shares at $7.50 each, raising approximately $34.3 million in gross proceeds. After deducting underwriting discounts and expenses, the net proceeds are expected to be around $31.1 million. The company's stock now trades on Nasdaq under the symbol LNKB. The offering also allows underwriters a 30-day option to purchase up to 686,250 additional shares. The IPO is a significant step for LINKBANCORP, facilitating its mission of community banking in Pennsylvania.