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LINKBANCORP, Inc. and GNB Financial Services, Inc. Announce Strategic Mix

HARRISBURG, Pa.–(Small business WIRE)–Dec 10, 2020–

LINKBANCORP, Inc. (OTC Pink: LNKB) and GNB Economic Expert services, Inc., (OTC Pink: GNBF) currently announced the execution of a definitive agreement to blend in a stock and income transaction, building a primary Pennsylvania local community bank with assets in excessive of $800 million and a network of nine workplaces all through South Central Pennsylvania.

Under the terms of the settlement, which has been unanimously accredited by the boards of administrators of the two organizations, GNB Economical Expert services will merge with and into LINKBANCORP, with LINKBANCORP surviving the merger. Shareholders of GNB Money will have the chance to elect to obtain $87.68 per share in income or 7.3064 shares of LINKBANCORP common inventory for every share they own, symbolizing a whole valuation of somewhere around $62.6 million centered on the trading cost of LINKBANCORP as of December 7, 2020. The agreement offers for proration strategies intended to assure that, in the combination, at the very least 80 per cent of the GNB Economical widespread shares exceptional will be exchanged for LINKBANCORP typical stock. The transaction is expected to be a tax-no cost trade to the extent shareholders of GNB Economic receive stock in exchange for their shares. LINKBANCORP shareholders will personal about 52% and GNB Financial shareholders will individual close to 48% of the mixed organization.

“This is a true partnership, leveraging the strengths of each establishment to build a neighborhood financial institution that is really perfectly positioned for the long term,” explained LINKBANCORP Chief Govt Officer Andrew Samuel, who started LINKBANCORP in 2018 and will provide as CEO of the mixed enterprise. “It’s a pretty eye-catching money transaction that accelerates our development program and evidences our motivation to an entrepreneurial, values-pushed neighborhood banking model that positively impacts all of our constituencies,” stated Samuel.

The merged company’s board of administrators will be evenly split involving the two establishments, and will be chaired by Joseph C. Michetti, Jr., at the moment the Chairman of GNB Economical.

Wesley M. Weymers, Main Govt Officer of GNB Money, mentioned, “We have wonderful regard for LINKBANK’s pretty expert and gifted crew and what they have completed in a reasonably limited period of time. This partnership is an remarkable option to mix two very complementary establishments and obtain the scale and expertise wanted to contend and thrive in a promptly evolving ecosystem.”

The corporations anticipate that the combination, uniting the abundant and successful legacy of The Gratz Lender, which was started in 1934, with the advancement-oriented commercial bank model of LINKBANK, will outcome in substantial earnings development. Next the successful day of the mixture, LINKBANCORP intends to pay a quarterly dividend steady with the historic exercise of GNB Financial, presented adequate funds are legally out there and that the surviving bank remains “well capitalized” in accordance with relevant regulatory rules.

While the companies’ subsidiary banking institutions, LINKBANK and The Gratz Lender, will merge quickly pursuing the father or mother company merger, with The Gratz Lender as the surviving authorized entity, the two neighborhood-based establishments will proceed working less than their set up manufacturers and their respective consumers will obtain the same high-amount of services and products and solutions from the common faces at their current destinations. No branch spots are expected to near as a end result of the mixture.

Simultaneous with the arrangement, Mr. Weymers entered into a new work agreement pursuant to which he will provide as Govt Chairman of The Gratz Financial institution at the helpful time of the blend, signing up for existing GNB executives Jeremy Dobbin, Aaron Klinger and Kevin Laudenslager who will each believe senior administration positions at the blended lender, and the current LINKBANK executives who will manage their latest roles, to form a remarkably skilled management workforce, led by Mr. Samuel as Chief Govt Officer.

The get-togethers hope to entire the transaction in mid-2021, following fulfillment of customary closing ailments, such as demanded regulatory and shareholder approvals.

Cedar Hill Advisors LLC acted as economical advisor to LINKBANCORP, Inc. and Boenning & Scattergood, Inc. acted as economical advisor to GNB Fiscal Companies, Inc. Hogan Lovells US LLP acted as legal counsel for LINKBANCORP, Inc. and Pillar + Aught acted as legal counsel for GNB Monetary Solutions, Inc.

ABOUT LINKBANCORP, Inc.

LINKBANCORP, Inc. was fashioned in 2018 with a mission to positively influence lives via group banking. Its subsidiary bank, LINKBANK is a Pennsylvania condition-chartered financial institution serving folks, families, nonprofits and business clients through Central and Southeastern Pennsylvania. As of September 30, 2020, LINKBANK had total assets of close to $368.6 million. LINKBANCORP, Inc. widespread inventory is traded around the counter (OTC Pink) less than the image “LNKB”.

ABOUT GNB Money Products and services, Inc.

GNB Economic Solutions, Inc. is the mother or father corporation of The Gratz Lender and GNB Expenditure Corp. Started in 1934, The Gratz Lender is a complete-company point out chartered industrial lender, supplying a wide variety of money products and services to personal and professional customers throughout Dauphin County, Pennsylvania, and other contiguous counties, by its primary workplace located in Gratz, Pennsylvania, its branch offices in Valley Watch, Herndon, Pottsville, Minersville and Trevorton, Pennsylvania, and its personal loan production business office in State College or university, Pennsylvania. As of September 30, 2020, GNB Economical products and services experienced total belongings of close to $437.1 million. GNB Fiscal Expert services typical inventory is traded above the counter (OTC Pink) underneath the symbol “GNBF”.

Ahead-Wanting Statements

This press release includes forward-looking statements as outlined in the Personal Securities Litigation Reform Act of 1995. These types of ahead-on the lookout statements about LINKBANCORP (together with its financial institution subsidiary except if the context otherwise requires, “LINK”) include sizeable challenges and uncertainties. Statements other than statements of current or historic actuality, such as statements concerning LINK’s potential economic issue, final results of functions, small business plans, liquidity, money flows, projected expenses, and the impression of any legal guidelines or polices applicable to Url, are ahead-seeking statements. Text this sort of as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” and other equivalent expressions are supposed to identify these forward-hunting statements. These kinds of statements are matter to components that could lead to genuine success to differ materially from predicted outcomes. Amongst the threats and uncertainties that could induce actual outcomes to vary from those people explained in the ahead-searching statements include, but are not constrained to the adhering to: (1) the companies of Backlink and GNB Economic Services, Inc. (“GNB Financial”) could not be merged effectively, or this kind of combination could just take lengthier to attain than expected (2) the price cost savings from the merger might not be absolutely understood or may possibly get extended to realize than anticipated (3) working charges, client reduction and company disruption pursuing the merger, which include adverse consequences on associations with workforce, may possibly be bigger than predicted (4) governmental approvals of the merger may perhaps not be obtained, or adverse regulatory conditions may be imposed in link with governmental approvals of the merger (5) the stockholders of Backlink or GNB Monetary may perhaps are unsuccessful to approve the merger (6) changes to curiosity rates (7) the capacity to command fees and fees (8) general financial problems (9) adverse developments in borrower industries and, in individual, declines in true estate values (10) LINK’s means to maintain compliance with federal and point out laws that control its business and capital levels (11) LINK’s ability to raise money as required by its company (12) the duration and scope of the coronavirus disorder 2019 (“COVID-19”) pandemic and its effect on amounts of shopper assurance (13) actions governments, companies and folks take in response to the COVID-19 pandemic (14) the impression of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies and financial action, and (15) the pace of recovery when the COVID-19 pandemic subsides. Connection does not undertake, and specially disclaims any obligation, to publicly launch the final result of any revisions which may perhaps be created to any ahead-looking statements to replicate the prevalence of predicted or unanticipated events or conditions just after the day of these statements. You are cautioned not to position undue reliance on these forward-looking statements.

Further Data and Exactly where to Obtain it

In link with the proposed transaction, Url expects to file with the Securities and Exchange Commission (“SEC”) a registration statement on Type S-4 that will involve a joint proxy assertion of Link and GNB Economic that also constitutes a prospectus of Connection. Investors ARE URGED TO Go through THE JOINT PROXY Statement/PROSPECTUS AND OTHER Related Paperwork Filed WITH THE SEC IF AND WHEN THEY Turn into Accessible For the reason that THEY WILL Have Vital Data. You may perhaps attain a free copy of the joint proxy assertion/prospectus (if and when it gets available) at the SEC’s website at www.sec.gov. Copies of the paperwork submitted by Website link with the SEC will be out there free of charge on LINK’s website at ir.linkbancorp.com or by directing a ask for to LINKBANCORP, Inc., 3045 Industry Street, Camp Hill, PA 17011, awareness: Secretary.

Members in Solicitation

Backlink and GNB Economic and their respective directors and government officers and other customers of management and staff may possibly be deemed to be contributors in the solicitation of proxies in regard of the proposed transaction. Info about the directors and officers of Connection and GNB Economical and their ownership of Link and GNB Money prevalent inventory, and the interests of this kind of opportunity individuals will be integrated in the joint proxy statement/prospectus if and when it gets readily available.

View resource version on businesswire.com:https://www.businesswire.com/information/dwelling/20201210005994/en/

Make contact with: Andrew Samuel

LINKBANK

(717) 798-4230

[email protected]

Wesley M. Weymers

The Gratz Bank

(717) 508 4300

[email protected]

Keyword: PENNSYLVANIA UNITED STATES NORTH The usa

Marketplace Keyword: BANKING Qualified Products and services FINANCE

Resource: LINKBANCORP, Inc.

Copyright Organization Wire 2020.

PUB: 12/10/2020 04:10 PM/DISC: 12/10/2020 04:10 PM

http://www.businesswire.com/news/home/20201210005994/en