LINKBANCORP in Harrisburg, Pa., is selling its New Jersey operations to American Heritage Credit Union.
The $2.8 billion-asset company said in a presentation that the sale includes three branches, $105 million of deposits and $125 million of loans. The company gained the locations when it bought Partners Bancorp last year.
The $4.9 billion-asset American Heritage will pay a 7% deposit premium, or roughly $7.4 million. The sale is expected to close in the second half of this year.
LINKBANCORP said the sale should have a $10.6 million after-tax impact to tangible common equity and be 6% to 7% accretive to its tangible book value. Proceeds will be reinvested in short-term interest earning assets.