LINKBANCORP completes merger with Partners Bancorp, expanding Mid-Atlantic presence
LINKBANCORP, Inc. (NASDAQ: LNKB), the parent company of LINKBANK, has wrapped up the previously announced merger with Partners Bancorp (NASDAQ: PTRS). This strategic move, effective November 30, 2023, marks a significant expansion for LINKBANCORP in the Mid Atlantic banking sector.
New Leadership and Regions under LINKBANK
The merger sees the integration of The Bank of Delmarva and Virginia Partners Bank with LINKBANK. To lead this transition, experienced in-market leaders from the legacy banks will head the new regions. This includes John W. Breda as Market CEO of the Delmarva Region and Adam Nalls for Northern Virginia, among others. Additionally, the Delaware Valley Region of LINKBANK will continue under Drew Smith, with John Herring joining as a Regional President for New Jersey.
Enhanced Services and Capabilities Post-Merger
The merger is set to bring a robust suite of products and enhanced customer service capabilities, delivered through a regional, relationship-based community banking model. This is a sentiment echoed by John W. Breda, who expressed enthusiasm for the merger and its benefits to stakeholders.
LINKBANCORP and Partners Bancorp Merger Finalized: A New Era for Regional Banking
Significant Growth in Assets and Expanded Market Reach
Post-merger, LINKBANCORP now boasts total assets of approximately $2.8 billion, with deposits around $2.3 billion and loans of approximately $2.2 billion. This expansion enhances their ability to serve a broader range of clients, including individuals, families, nonprofits, and business clients across multiple states including Pennsylvania, Maryland, Delaware, Virginia, and Southern New Jersey, through a network of 31 client solution centers operating under the LINKBANK brand.
Strengthened Board with New Appointments
The merger also led to significant changes in LINKBANCORP’s board of directors. Ten former Partners directors have been appointed to the LINK Board of Directors, with Jeffrey Turner, Partners’ current Chairman, being appointed Vice Chair of the LINK board. This move signifies a unification of leadership and vision for the newly expanded banking entity.
With this merger, LINKBANCORP has solidified its position as a premier Mid Atlantic community bank, marking a transformational step in its growth and service capabilities in the region.