LINKBANCORP and Partners Bancorp Receive Regulatory Approvals for Merger

LINKBANCORP and Partners Bancorp Receive Regulatory Approvals for Merger

LINKBANCORP, the parent company of LINKBANK, and Partners Bancorp, a financial services company with two wholly-owned operating subsidiaries, The Bank of Delmarva and Virginia Partners Bank, announced that they have received the required regulatory approvals for their merger. This merger is considered a merger of equals, where Partners Bancorp will merge with and into LINKBANCORP in an all-stock transaction.

Regulatory Approvals

The merger of LINKBANCORP and Partners Bancorp has received regulatory approvals from the following organizations:

1. Federal Deposit Insurance Corporation (FDIC)
2. Pennsylvania Department of Banking and Securities
3. Virginia State Corporation Commission
4. Delaware Office of the State Bank Commissioner
5. Maryland Office of the Commissioner of Financial Regulation

These approvals were necessary to ensure compliance with the regulations governing the banking industry and to proceed with the merger.

The Merger Process

According to the Agreement and Plan of Merger, dated as of February 22, 2023, LINKBANCORP will be the surviving corporation in the merger. The Bank of Delmarva and Virginia Partners Bank, the operating subsidiaries of Partners Bancorp, will merge with and into LINKBANK, with LINKBANK becoming the surviving sole bank subsidiary of LINKBANCORP.

The Merger has already been approved by the shareholders of both LINKBANCORP and Partners Bancorp. However, the final step is the approval of the Board of Governors of the Federal Reserve System, as well as other customary closing conditions.

LINKBANCORP anticipates closing the Merger in the fourth quarter of 2023, subject to receiving the remaining approvals.

Frequently Asked Questions

1. What does the merger of LINKBANCORP and Partners Bancorp entail?
The merger involves Partners Bancorp merging with and into LINKBANCORP in an all-stock transaction. The operating subsidiaries of Partners Bancorp, The Bank of Delmarva and Virginia Partners Bank, will merge with and into LINKBANK.

2. What approvals are required for the merger to proceed?
The merger has received 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.

3. When is the expected closing date for the merger?
LINKBANCORP anticipates closing the Merger in the fourth quarter of 2023, subject to receiving the remaining approvals.

4. What is the role of LINKBANCORP and Partners Bancorp in the merger?
LINKBANCORP is the parent company of LINKBANK, while Partners Bancorp is a financial services company with two wholly-owned operating subsidiaries. In the merger, Partners Bancorp will merge with and into LINKBANCORP, with LINKBANCORP being the surviving corporation.

5. How will the merger impact customers of both banks?
Upon completion of the merger, the customers of The Bank of Delmarva and Virginia Partners Bank will become customers of LINKBANK, the surviving sole bank subsidiary of LINKBANCORP.

In conclusion, LINKBANCORP and Partners Bancorp have received regulatory approvals for their merger, bringing them one step closer to completing the transaction. The merger, once finalized, will result in Partners Bancorp merging with and into LINKBANCORP, with LINKBANK becoming the surviving sole bank subsidiary. The merger is expected to be completed in the fourth quarter of 2023, pending the approval of the Board of Governors of the Federal Reserve System and other customary closing conditions.

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