Regulatory Approvals granted for LINKBANCORP and Partners Bancorp Merger
LINKBANCORP, the parent company of LINKBANK, and Partners Bancorp, a financial services company, have announced that they have received all 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 Received
The merger between LINKBANCORP and Partners Bancorp has received regulatory approvals from several governing bodies, including:
– Federal Deposit Insurance Corporation (FDIC)
– Pennsylvania Department of Banking and Securities
– Virginia State Corporation Commission
– Delaware Office of the State Bank Commissioner
– Maryland Office of the Commissioner of Financial Regulation
These regulatory approvals are crucial for the completion of the merger and indicate that both companies have met the necessary requirements and regulations set by the respective authorities.
Merging Entities
LINKBANCORP is the parent company of LINKBANK, a reputable financial institution offering a wide range of banking services. Partners Bancorp, on the other hand, is a financial services company with two wholly-owned operating subsidiaries, namely The Bank of Delmarva and Virginia Partners Bank.
As part of the merger, The Bank of Delmarva and Virginia Partners Bank will merge with and into LINKBANK, with LINKBANK becoming the surviving sole bank subsidiary of LINKBANCORP. This consolidation of resources and expertise will create a stronger and more competitive entity in the banking industry.
Shareholder Approval
The merger of LINKBANCORP and Partners Bancorp has already received approval from the shareholders of both companies. Shareholders have recognized the potential benefits and synergies that can be achieved through this merger, which will enhance the overall value and capabilities of the combined entity.
Remaining Approvals and Timeline
Although the required regulatory approvals have been granted, the merger is still subject to the approval of the Board of Governors of the Federal Reserve System and other customary closing conditions. These final approvals are essential to ensure compliance with all applicable regulations and ensure a smooth transition.
LINKBANCORP anticipates closing the merger in the fourth quarter of 2023. The company is committed to completing the merger process efficiently and effectively, following all necessary procedures and regulations.
Frequently Asked Questions
1. What is the merger between LINKBANCORP and Partners Bancorp?
The merger between LINKBANCORP and Partners Bancorp is a merger of equals, where Partners Bancorp will merge with and into LINKBANCORP in an all-stock transaction. This consolidation aims to create a stronger and more competitive entity in the banking industry.
2. Which regulatory approvals have been granted for the merger?
The merger has received regulatory approvals from the Federal Deposit Insurance Corporation (FDIC), Pennsylvania Department of Banking and Securities, Virginia State Corporation Commission, Delaware Office of the State Bank Commissioner, and Maryland Office of the Commissioner of Financial Regulation.
3. What are the benefits of the merger?
The merger between LINKBANCORP and Partners Bancorp will bring together their resources, expertise, and customer base, resulting in enhanced capabilities and value for shareholders. It will enable the combined entity to offer a broader range of banking services and compete more effectively in the market.
4. When is the merger expected to be completed?
LINKBANCORP anticipates closing the merger in the fourth quarter of 2023. However, the completion is subject to the approval of the Board of Governors of the Federal Reserve System and other customary closing conditions.
5. Will there be any changes for customers as a result of the merger?
Customers of LINKBANK, The Bank of Delmarva, and Virginia Partners Bank can expect a seamless transition during the merger process. Efforts will be made to ensure minimal disruption and inconvenience. Any changes or updates will be communicated promptly to customers to keep them informed.
In conclusion, LINKBANCORP and Partners Bancorp have received the necessary regulatory approvals for their merger, paving the way for the creation of a stronger and more competitive banking entity. The merger is expected to bring about numerous benefits for shareholders and customers alike. With the closing of the merger anticipated in the fourth quarter of 2023, the companies are focused on meeting all remaining requirements and finalizing the transaction successfully.
For more information about LINKBANCORP and its services, please visit https://visbanking.com/.
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To request a demo or further assistance, please visit https://visbanking.com/request-demo/.
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