8-K
filed December 1, 2023, 6:59 PM ET
ticker LNKB
CIK 0001756701
M&A
confidence high
sentiment positive
materiality 0.75
LINKBANCORP, Inc. (LNKB): M&A transaction — LINKBANCORP closes merger with Partners Bancorp; combined company has $2.8B assets
LINKBANCORP, Inc.
- Merger of Partners Bancorp into LINK completed Nov 30, 2023; Partners shareholders received 1.15 LINK shares per share.
- Combined company has approx. $2.8B total assets, $2.3B deposits, $2.2B loans, serving 31 branches across Mid-Atlantic.
- Ten former Partners directors appointed to LINK board; Jeffrey Turner named Vice Chairman.
- LINK assumed $17.8M of Partners' 6% subordinated notes due 2030 and $4.5M subordinated term loan due 2028.
- Andrew Samuel continues as CEO; John Breda named Market CEO for Delmarva Region; other regional presidents appointed.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
LINKBANCORP, Inc. incurred term loan of $4.5 million aggregate principal amount at 6.875% per annum maturing due April 1, 2028.
- Instrument
- term loan
- Principal
- $4.5 million aggregate principal amount
- Rate
- 6.875% per annum
- Maturity
- due April 1, 2028
- Event
- incurrence
Exact text from the filing
(ii) $4.5 million aggregate principal amount of a subordinated term loan, with an interest rate of 6.875% per annum, due April 1, 2028
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
LINKBANCORP, Inc. incurred senior notes of $17.8 million aggregate principal amount at 6.000% fixed-to-floating rate maturing due July 1, 2030.
- Instrument
- senior notes
- Principal
- $17.8 million aggregate principal amount
- Rate
- 6.000% fixed-to-floating rate
- Maturity
- due July 1, 2030
- Event
- incurrence
Exact text from the filing
LINK assumed Partners’ obligations with respect to (i) $17.8 million aggregate principal amount of 6.000% fixed-to-floating rate subordinated notes due July 1, 2030
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Jeffrey F. Turner was appointed as Vice Chairman at LINKBANCORP, Inc..
- Action
- appointed
- Role
- Vice Chairman
Exact text from the filing
Pursuant to the Merger Agreement and the Bylaws Amendment (as defined under Item 5.03 below), effective as of the Effective Time, Mr. Turner, the Chairman of the Board of Partners prior to the Effective Time, was appointed Vice Chairman of LINK.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Brent Smith resigned as Director at LINKBANCORP, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Brent Smith (the “Resigning Director”) resigned as a member of the Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
John W. Breda was appointed as Chief Executive Officer, Delmarva Market at LINKBANCORP, Inc..
- Action
- appointed
- Role
- Chief Executive Officer, Delmarva Market
Exact text from the filing
In connection with the Transaction, Mr. Breda, was appointed as a Director of LINK and Chief Executive Officer, Delmarva Market .
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Mona D. Albertine was appointed as Director at LINKBANCORP, Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
The ten Partners Designated Directors that were appointed by the Board to fill the vacancies resulting from the resignation referred to above and the increase in the size of the Board to twenty-two (22) as of the Effective Time, in each case effective from and after the Effective Time, are as follows: Mona D. Albertine
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
LINKBANCORP, Inc.: Amended and restated bylaws to provide for certain arrangements related to the Board and LINK Bank board following the merger.
- Change
- bylaw amendment
Exact text from the filing
the bylaws of LINK were amended and restated to provide for certain arrangements related to the Board and the board of directors of LINK Bank (such amendment, the "Bylaws Amendment,"
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
LINKBANCORP, Inc. completed an acquisition involving Partners Bancorp (closed 2023-11-30).
- Action
- acquisition
- Counterparty
- Partners Bancorp
- Closing
- 2023-11-30
Exact text from the filing
Effective on November 30, 2023, LINKBANCORP, Inc., a Pennsylvania corporation (“LINK”), completed its previously announced combination with Partners Bancorp, a Maryland corporation (“Partners”), pursuant to the Agreement and Plan of Merger, dated February 22, 2023, by and between LINK and Partners (the “Merger Agreement”).
View on SEC.gov
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