LINKBANCORP to acquire Partners Bancorp in stock-for-stock merger; raises $10M in private placement

LINKBANCORP, Inc.

Partners shareholders receive 1.150 LINK shares per share; deal valued at ~$6.5M termination fee.
LINK issued 1,282,052 shares at $7.80/share in private placement, grossing $10M.
Post-merger board set at 22 directors: 12 from LINK, 10 from Partners; Partners chairman to become vice chairman then chairman in Sept 2024.
Employment agreements entered with four Partners executives, including CEO John W. Breda.
LINK and Partners executives amended employment to exclude transaction from change-in-control triggers.

item 1.01 item 3.02 item 5.02 item 7.01 item 8.01 item 9.01

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 and Plan of Merger with Partners Bancorp (effective 2023-02-22).

Action: entry
Agreement: merger
Counterparty: Partners Bancorp
Effective: 2023-02-22

Exact text from the filing

On February 22, 2023, LINKBANCORP, Inc., a Pennsylvania corporation (“LINK”), and Partners Bancorp, a Maryland corporation (“Partners”), entered into an Agreement and Plan of Merger (the “Merger Agreement”).

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119 material agreements filed in the last 30 days. Browse all material agreements →

LINKBANCORP, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-044860

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