LNKB - Linkbancorp to combine with Partners Bancorp in $167.8M all-stock merger of equals

• Community banking firm Linkbancorp ( NASDAQ: LNKB ) said Wednesday it will combine with Partners Bancorp ( PTRS ) in an all-stock merger of equals valued at ~$167.8M.
• Partners ( PTRS ) shareholders will receive 1.15 Linkbancorp ( LNKB ) shares for each PTRS share they own.
• Once the merger closes, Partners ( PTRS ) shareholders will own ~56% and Linkbancorp ( LNKB ) shareholders, inclusive of shares issued in a concurrent $10M private placement, will own ~44% of the combined company.
• The combined firm will have ~$3B in assets and an expected $300M+ market capitalization.
• The deal is expected to result in 23%+ EPS accretion in 2024 to Linkbancorp ( LNKB ) and 50%+ EPS accretion in 2024 to Partners ( PTRS ).
• The merger will accelerate Linkbancorp's ( LNKB ) ROA in 2024 by 40+ bps and will be 115% accretive to Partner's ( PTRS ) current cash dividends per share.
• The combined company will trade under the ticker "LNKB" on Nasdaq. Its board will have 22 directors, consisting of 12 directors from Linkbancorp ( LNKB ) and 10 from Partners ( PTRS ).
• The merger is expected to close in Q3 2023.
• Earlier, Linkbancorp ( LNKB ) reported Q4 results slightly below estimates .

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