LINKBANCORP completed the merger of GNB Financial Services with and into LINKBANCORP and the merger of LINKBANK with and into The Gratz Bank. As a result of the mergers, LINKBANCORP became the parent company of The Gratz Bank, also operating as “LINKBANK, a division of The Gratz Bank” within the legacy LINKBANK Capital, Lancaster and Chester County regions in Pennsylvania.
“This combination unites the rich and successful legacy of The Gratz Bank with the growth-oriented commercial bank model of LINKBANK, creating more career growth opportunities for employees, an expanded footprint with enhanced products and services for clients, an entrepreneurial company with strong earnings and attractive dividends for our shareholders and the ability to contribute actively and generously in the communities we serve,” Andrew Samuel, CEO of LINKBANCORP, said.
Following the merger, which was approved by the shareholders of each company, the combined company has total assets of approximately $940 million, deposits of approximately $770 million and loans of approximately $660 million.
The LINKBANCORP executive leadership team includes the following Samuel as CEO as well as Carl Lundblad as president, Brent Smith as executive vice president and president of The Gratz Bank, Kristofer Paul as CFO, Wesley Weymers as executive chairman of The Gratz Bank, Tiffanie Horton as chief credit officer and Melissa Hoffman as chief operating officer. Additionally, Joseph C. Michetti, Jr. was appointed the independent chairman of the board of directors and Aaron Klinger and Kevin Laudenslager were named senior risk officer and market president for The Gratz Bank region, respectively.
“Today marks the beginning of an exciting new chapter in the history of The Gratz Bank,” Weymers said. “This is an ideal partnership that provides the talent and scale to become more competitive in our markets while maintaining our rich heritage and providing opportunities for growth in new markets.”
In accordance with the merger agreement, GNB Financial Services shareholders were given the opportunity to elect to receive $87.68 per share in cash or 7.3064 shares of LINKBANCORP common stock for each share they own, subject to proration procedures intended to ensure that, in the aggregate, at least 80% of the GNB common shares outstanding will be exchanged for LINKBANCORP common stock. As a result of the elections, former GNB Financial Services shareholders received an aggregate of approximately 4.8 million shares of LINKBANCORP common stock and an aggregate of approximately $10.2 million in cash.
Cedar Hill Advisors served as financial advisor and provided a fairness opinion to LINKBANCORP and Hogan Lovells U.S. served as its legal counsel. Boenning & Scattergood served as financial advisor and provided a fairness opinion to GNB Financial Services and Pillar+Aught served as its legal counsel.