LINKBANCORP, INC. Announces Completion of New Jersey Branch Sale

Core Insights - LINKBANCORP, Inc. has successfully sold its New Jersey banking operations and three branches to American Heritage Federal Credit Union, effective March 31, 2025, involving approximately $87 million in deposits and $105 million in loans [1][2] - The sale was executed at a 7% premium for deposits and at par for loans, resulting in an estimated after-tax gain of approximately $8.5 million for the company [1] - This strategic move allows the company to reallocate capital to its core markets in Pennsylvania, Maryland, and Virginia, enhancing operational efficiencies [2] Financial Details - The transaction included the transfer of three branch locations, $87 million in deposits, and $105 million in loans [1] - The estimated after-tax gain from the transaction is approximately $8.5 million, net of transaction costs [1] Company Background - LINKBANCORP, Inc. was formed in 2018 and aims to positively impact lives through community banking, serving clients across Pennsylvania, Maryland, Delaware, and Virginia [4] - The subsidiary bank, LINKBANK, operates 24 client solutions centers and is traded on the Nasdaq Capital Market under the symbol "LNKB" [4]