LINKBANCORP, a Pennsylvania community bank with 11 branches, filed on Wednesday with the SEC to raise up to $40 million in an initial public offering. The company is currently listed on the OTC (LNKB).
The Camp Hill, PA-based company plans to raise $40 million by offering 4.6 million shares at a price range of $8.00 to $9.50. At the midpoint of the proposed range, LINKBANCORP would command a market cap of $126 million.
Through its subsidiary The Gratz Bank, LINKBANCORP offers personal and business lending and deposit services to individuals, families, nonprofit, and business clients throughout Central and Southeastern Pennsylvania. The company has 10 branches, or "client solutions centers," in Chester, Cumberland, Dauphin, Lancaster, Northumberland, and Schuylkill Counties, as well as one loan production office in York. As of June 30, 2022, LINKBANCORP had $1.1 billion in consolidated assets, $787 million in net loans, $902 million in deposits, and $105 million in shareholders' equity.
LINKBANCORP was founded in 2018 and booked $28 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol LNKB. Stephens Inc. and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of September 12, 2022.
