Welcome to our dedicated page for Partners Bancorp news (Ticker: PTRS), a resource for investors and traders seeking the latest updates and insights on Partners Bancorp stock.
Partners Bancorp (NASDAQ: PTRS) operates as the holding company for The Bank of Delmarva and Virginia Partners Bank, providing a wide array of financial services to individual and corporate clients within the United States. These services include time deposits, checking and savings accounts, money market accounts, cash management services, and Individual Retirement Accounts (IRAs). Additionally, the company offers advanced banking solutions such as remote deposit capture and mobile deposit services.
Partners Bancorp's lending portfolio encompasses a variety of loan products, including commercial real estate loans, small business administration (SBA) loans, term loans, business credit cards, as well as loans for mobile homes, boats, RVs, motorcycles, and automobiles. The company also offers mortgage-related products like purchase and refinance mortgage loans, bridge loans, equipment loans, and home equity loans. Furthermore, it provides construction and permanent mortgage loans, lot loans, and U.S. Department of Agriculture (USDA) loans.
In addition to its extensive loan and deposit services, Partners Bancorp provides a comprehensive range of online and mobile banking services, including internet banking, online bill payments, phone banking, merchant services, ATM/debit card services, and cash advance services. The company operates 14 branches, strategically located to serve its customer base effectively.
Founded in 1896, The Bank of Delmarva, a subsidiary of Partners Bancorp, operates eleven branches in Maryland and Delaware, alongside three branches in the South Jersey/Philadelphia metro market under the name Liberty Bell Bank. Virginia Partners Bank, established in 2008 and headquartered in Fredericksburg, Virginia, has three branches in Fredericksburg and additional branches and commercial offices in Reston, La Plata, and Annapolis, Maryland. Virginia Partners Bank also holds a controlling interest in Johnson Mortgage Company, LLC, a residential mortgage company based in Newport News, Virginia.
Recently, Partners Bancorp announced a significant merger with LINKBANCORP, Inc. (NASDAQ: LNKB), a transaction that has received regulatory approval and is expected to close on November 30, 2023. Post-merger, Partners Bancorp will merge into LINKBANCORP, creating a stronger entity aimed at delivering enhanced financial services across a broader geographical footprint. This merger represents a strategic move to leverage synergies, improve operational efficiencies, and expand the customer base collectively served by both organizations.
Partners Bancorp (NASDAQ: PTRS) reported a strong financial performance for Q4 and FY 2022, showcasing a net income of $4.2 million ($0.23 per share) for Q4, up 187.9% YoY, and $13.6 million ($0.76 per share) for the full year, representing an 83.7% increase. The company announced a definitive merger agreement with LINKBANCORP, which will see PTRS shareholders owning approximately 56% of the combined entity. Key performance indicators included a net interest income rise of 37.8% in Q4, along with a higher net interest margin of 4.15%. However, the company noted increased provisions for credit losses and lower other income, particularly from its mortgage division.
LINKBANCORP (NASDAQ: LNKB) and Partners Bancorp (NASDAQ: PTRS) announced a definitive agreement for an all-stock merger valued at approximately
LINKBANCORP, Inc. and Partners Bancorp have announced a definitive merger agreement valued at approximately $167.8 million, combining their assets to create a leading Mid-Atlantic community bank with nearly $3 billion in assets. The all-stock transaction allows Partners' shareholders to receive 1.15 shares of LINK for each share they own. Post-merger, Partners will own approximately 56% and LINK will have 44% of the combined entity. Expected to close in Q3 2023, the merger aims to enhance profitability and operational scale while maintaining a regional-focused business model.
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