LINKBANCORP, Inc. and Partners Bancorp a financial services company with two wholly-owned operating subsidiaries, The Bank of Delmarva and Virginia Partners Bank, have gained regulatory approvals from the Federal Deposit Insurance Corporation, the Pennsylvania Department of Banking and Securities, the Virginia State Corporation Commission, the Delaware Office of the State Bank Commissioner and the Maryland Office of the Commissioner of Financial Regulation for a pending merger.
Partners will merge with and into LINK in an all-stock transaction, with LINK as the surviving corporation. The Bank of Delmarva and Virginia Partners Bank will each merge with and into LINKBANK, with LINKBANK as the surviving subsidiary of LINK.
The merger, which was previously approved by the shareholders of each company, remains subject to the approval of the Board of Governors of the Federal Reserve System and other customary closing conditions. LINK anticipates closing the merger in the fourth quarter of 2023.
Bank of Delmarva has offices in Dagsboro, Seaford, and Laurel.
LINK has offices in central and southeastern Pennsylvania.
A merger between Partners and New Jersey-based OceanFirst was ended by both parties, with Partners then turning to a much smaller LINK.
