LINKBANCORP, Inc. And Partners Bancorp Announce Receipt Of FDIC And State Regulatory Approvals For Merger Of Equals; Link Anticipates Closing Merger In Q4 Of 2023

Author: Benzinga Newsdesk | October 13, 2023 03:12pm

LINKBANCORP, Inc. ("LINK") (NASDAQ:LNKB), parent company of LINKBANK, and Partners Bancorp ("Partners") (NASDAQ:PTRS), a financial services company with two wholly-owned operating subsidiaries, The Bank of Delmarva and Virginia Partners Bank, announced receipt of required regulatory approvals from the Federal Deposit Insurance Corporation, the Pennsylvania Department of Banking and Securities, the Virginia State Corporation Commission, the Delaware Office of the State Bank Commissioner and the Maryland Office of the Commissioner of Financial Regulation  in order to complete the previously announced merger of equals transaction under which Partners will merge with and into LINK in an all-stock transaction, with LINK as the surviving corporation in accordance with the Agreement and Plan of Merger, dated as of February 22, 2023 by and between LINK and Partners (the "Merger"). In connection with the Merger, The Bank of Delmarva and Virginia Partners Bank will each merge with and into LINKBANK, with LINKBANK as the surviving sole bank subsidiary of LINK. The Merger, which was previously approved by the shareholders of each company, remains subject to the approval of the Board of Governors of the Federal Reserve System and other customary closing conditions. LINK anticipates closing the Merger in the fourth quarter of 2023.

Posted In: LNKB PTRS