Hogan Lovells advises LINKBANCORP on strategic combination with GNB Financial Services
Washington, D.C., 14 December 2020 – Global law firm Hogan Lovells has advised LINKBANCORP on its strategic combination with GNB Financial Services (GNB) in a stock and cash transaction, creating a leading Pennsylvania community bank with assets in excess of US$800 million and a network of nine offices throughout South Central Pennsylvania.
Announced on 10 December, GNB will merge with and into LINKBANCORP Shareholders of GNB will have the opportunity to elect to receive US$87.68 per share in cash or 7.3064 shares of LINKBANCORP common stock for each share they own, representing a total valuation of approximately US$62.6 million based on the trading price of LINKBANCORP as of December 7, 2020.
A Washington D.C. team representing our client LINKBANCORP on the transaction comprises Head of U.S. Financial Institutions partner Richard Schaberg, capital markets partner Les Reese, M&A counsel Sara Lenet, tax, pensions & benefits counsel Mike Applebaum, and capital markets associate Brendan Oldham.
The parties expect to complete the transaction in mid-2021, after satisfaction of customary closing conditions, including required regulatory and shareholder approvals.
Cedar Hill Advisors LLC acted as financial advisor to LINKBANCORP, Inc. and Boenning & Scattergood, Inc. acted as financial advisor to GNB Financial Services, Inc. Pillar + Aught acted as legal counsel for GNB Financial Services, Inc.
See the full client release here.