LINKBANCORP sells NJ operations ($123M loans, $105M deposits) to American Heritage FCU

LINKBANCORP, Inc.

Agreement to sell 3 New Jersey branches and $123M in loans; AHFCU assumes $105M in deposits.
Deposit premium of ~7% of deposits assumed; transaction expected to close H2 2024.
CEO Andrew Samuel says divestiture allows re-allocation of capital to core PA, MD, and VA markets.
Branches were from the Liberty Bell Bank division acquired in the Partners Bancorp merger.
Transaction subject to regulatory approvals and customary closing conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LINKBANCORP, Inc. entered into Agreement with American Heritage Federal Credit Union valued at approximately $123.0 million in loans, three branch locations (along with associated personal proper (effective 2024-05-09).

Action: entry
Agreement: asset purchase
Counterparty: American Heritage Federal Credit Union
Value: approximately $123.0 million in loans, three branch locations (along with associated personal proper
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, LINKBANK, the banking subsidiary of LINKBANCORP, Inc. (the “Company”) entered into a purchase and assumption agreement (the “Agreement”) with American Heritage Federal Credit Union (“AHFCU”) pursuant to which AHFCU will purchase certain assets and assume certain liabilities (the “Transaction”) of the New Jersey operations of LINKBANK, including all three branch locations (including two branch leases).

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LINKBANCORP, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-056988

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