Linkbancorp prices IPO, expects to generate more than $31 million

Linkbancorp in Harrisburg, Pennsylvania, priced its initial public offering and started trading on the Nasdaq Capital Market on Wednesday.

The $1 billion-asset parent of Gratz Bank priced 4,575,000 common shares at $7.50 per share, according to its press release. It expects to generate about $34.3 million in gross proceeds. After offering expenses, the company anticipates it will net about $31.1 million.

Linkbancorp, which has more than doubled in size over the past year, said it would use the funds to support ongoing organic growth plans and potential acquisitions. Linkbancorp trades under the symbol LNKB.

The company noted it has "no immediate plans" for "any material acquisition." But it closed a sizable deal in 2021, and its chief executive presided over four other acquisitions in his career as a bank CEO.

Linkbancorp was formed in 2018 by CEO Andrew Samuel to bank central and southeastern Pennsylvania. Samuel founded the company after raising more than $40 million and buying Stonebridge Bank, a single-branch institution in New Hope, Pennsylvania, in October 2018.

Last year, Linkbancorp acquired the $437 million-asset GNB Financial Service in Gratz, Pennsylvania. The deal was valued at $62.7 million when it was announced. 

Previously, Samuel was CEO at Sunshine Bancorp in Plant City, Florida, from October 2014 until its $177 million sale in 2018. Samuel was earlier president of Susquehanna Bank from February 2012 to October 2014. Susquehanna's parent company was sold to BB&T (now Truist Financial) in 2015.

Samuel was CEO at the $2.6 billion-asset Tower Bancorp in Harrisburg, Pennsylvania, before its $343 million sale to Susquehanna in 2012.

Stephens Inc. and Piper Sandler & Co. serve as the joint bookrunning managers for the Linkbancorp IPO. D.A. Davidson & Co. serves as co-manager.