ADDED
The Bank of Delmarva and Virginia Partners Bank merged with and into LINKBANK with LINKBANK as the surviving bank.
On March 31, 2025, the Bank completed the sale of the New Jersey operations of the Bank pursuant to a purchase and assumption agreement (the "Agreement") with American Heritage Federal Credit Union ("AHFCU") pursuant to which AHFCU purchased certain assets and assumed certain liabilities, including all three branch locations.
Under the Agreement, AHFCU acquired $105.0 million in loans, $2.1 million in fixed assets, and $87.1 million in deposits.
The total deposit premium paid by AHFCU was 7% or $6.2 million.
With respect to acquired loans, AHFCU paid an amount equal to the principal balances plus any accrued unpaid interest and late charges on the loans measured as of the closing date.
Unamortized loan discounts of $6.7 million were taken into income which was included within the gain on sale.
Core deposit intangibles of $1.3 million were written off and included within the gain on sale.
AHFCU paid book value for fixed assets, real estate, and other assets located at the owned branches.
On December 18, 2025, the Company and Burke Herbert Financial Services Corp., a Virginia corporation ("BHRB"), entered into an Agreement and Plan of Merger (the "Merger Agreement").
The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will merge with and into BHRB, with BHRB as the surviving corporation (the "Merger").
REMOVED
The Bank of Delmarva and Virginia Partners Bank merged with and into LINKBANK with LINKBANK as the surviving bank (the "Bank Mergers").
On May 9, 2024, the Bank entered into a purchase and assumption agreement (the Agreement ) with American Heritage Federal Credit Union ( AHFCU ) pursuant to which AHFCU will purchase certain assets and assume certain liabilities (the Transaction ) of the New Jersey operations of the Bank, including all three branch locations (including two branch leases).
Under the Agreement, AHFCU will acquire substantially all of the loans, three branch locations (along with associated personal property and fixtures) and will assume substantially all of the deposits.
The Federal Deposit Insurance Corporation ("FDIC") and the National Credit Union Administration ("NCUA") have approved the Transaction which remains subject to customary closing conditions.
The Bank anticipates the Transaction will be completed on March 31, 2025.
As of December 31, 2024, the Company had total consolidated assets of approximately $2.88 billion, total loans of approximately $2.26 billion, total deposits of approximately $2.36 billion and total consolidated shareholders equity of approximately $280.2 million.
During the year ended December 31, 2024, the Company achieved the following accomplishments: Total deposits grew from $2.20 billion at December 31, 2023 to $2.36 billion at December 31, 2024, resulting in a growth rate of 7.36%; Total loans held for investment grew 5.99% from $2.13 billion at December 31, 2023 to $2.26 billion at December 31, 2024; Maintained strong credit quality, with total nonperforming assets at 0.60% of total assets at December 31, 2024; and Net interest margin for the year ended December 31, 2024 was 3.88% compared to 3.09% for the year ended December 31, 2023.
The Company s management team has significant experience in successfully executing bank growth strategies, including through bank mergers and acquisitions.
Accordingly, as opportunities arise, we will consider growth through acquisition including whole institutions, branches or additional lines of business that are aligned with our strategy and mission, as demonstrated by our merger with Partners completed on November 30, 2023.
We will continue to consider other strategic locations in the markets we serve to further our objective to become the bank of choice in those markets.