Linkbancorp said Friday that it is selling its three New Jersey operations to American Heritage Credit Union, based in Philadelphia, to reallocate capital toward its core Pennsylvania market and accelerate growth in its Northern Virginia and Maryland operations.
The transaction includes approximately $105 million of deposits and $123 million in loans.
The three branches (Evesham, Moorestown and Cherry Hill) were previously part of the Liberty Bell Bank division of the Bank of Delmarva, which merged with LINKBANK as part of the company’s recent merger with Partners Bancorp.
“As we continue to execute on initiatives to achieve the operational efficiencies and revenue growth of the Partners combination, we believe this divestiture will enable us to reallocate capital toward our core Pennsylvania markets and accelerate growth in the robust Northern Virginia and Maryland markets,” Andrew Samuel, CEO, said.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of the year.
Stephens Inc. served as financial adviser and Luse Gorman P.C. provided legal counsel to LINK. Olden Lane Securities LLC served as financial adviser and Honigman LLP and the Weber Firm LLC provided legal counsel to American Heritage Credit Union.
