LINKBANCORP, Inc. And Partners Bancorp Announce Receipt Of Federal Reserve Board Approval And Closing Date For Merger Of Equals; The Merger Is Expected To Close On November 30, 2023, Pending Satisfaction Of Customary Closing Conditions

Author: Benzinga Newsdesk | November 16, 2023 09:21am

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 regulatory approval from the Board of Governors of the Federal Reserve System, the final regulatory approval required 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 is expected to close on November 30, 2023, pending satisfaction of customary closing conditions.

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