LINKBANCORP, INC. Announces Sale of New Jersey Operations

LINKBANCORP, Inc. (NASDAQ: LNKB) ("LINK" or the Company), today announced that its wholly owned subsidiary, LINKBANK, entered into a definite purchase and assumption agreement under which American Heritage Federal Credit Union, based in Philadelphia, Pennsylvania, will acquire LINKBANK's banking operations and 3 branches in New Jersey. The transaction includes approximately $105 million of deposits and $123 million in loans.

The 3 branches were previously part of the Liberty Bell Bank division of The Bank of Delmarva, which merged with LINBANK as part of the Company's recent merger with Partners Bancorp.

Andrew Samuel, CEO, commented, "As we continue to execute on initiatives to achieve the operational efficiencies and revenue growth of the Partners combination, we believe this divestiture will enable us to re-allocate capital toward our core Pennsylvania markets and accelerate growth in the robust Northern Virginia and Maryland markets."

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2024.

Stephens Inc. served as financial adviser and Luse Gorman, PC provided legal counsel to LINK. Olden Lane Securities, LLC served as financial adviser and Honigman LLP and The Weber Firm, LLC provided legal counsel to American Heritage Federal Credit Union.