LinkBancorp is selling its newly acquired operations in South Jersey for an after-tax gain of about $10.5 million, according to LinkBancorp CEO Andrew Samuel.
The buyer is Philadelphia-based American Heritage Federal Credit Union, which has more than 310,000 members and assets of more than $4.8 billion.
Expected to close in the second quarter of this year, the deal includes three New Jersey branches that were previously part of the Liberty Bell Bank division of The Bank of Delmarva.
Camp Hill-based LinkBancorp merged with Bank of Delmarva parent Partners Bancorp last year.
In addition to branches, the deal includes about $105 million in deposits and $123 million in loans.
The sale stems from LinkBancorp’s desire to focus on markets in Pennsylvania, Delaware, Maryland and Virginia, according to Samuel.
“It’s simply an allocation of not only capital but also our focus in terms of management,” Samuel said in an interview, adding: “You can’t be everywhere.”
Founded in 2018, LinkBancorp has assets of about $2.78 billion and 29 branches.
Stephens Inc. was the financial adviser for LinkBancorp, while and Luse Gorman PC provided legal counsel.
American Heritage received financial advice from Olden Lane Securities LLC. Honigman LLP and The Weber Firm LLC were the credit union’s legal advisers.
