Bank CEOs meet with Trump to discuss Fannie Mae and Freddie Mac - Bloomberg
In a recent move to restructure its leadership, Pennsylvania-based LinkBancorp, Inc. (NASDAQ:LNKB), a regional bank with a market capitalization of $285 million, announced a reduction in its board of directors. The decision, made on February 27, 2025, will see the board size decrease to eleven members, effective at the company’s 2025 annual shareholders’ meeting. According to InvestingPro data, the company’s stock has shown strong momentum, gaining over 26% in the past six months.
The board has nominated eleven current directors for reelection: Anson Flake, Joseph C. Michetti, Jr., George Parmer, Debra Pierson, Diane Poillon, William E. Pommerening, Andrew Samuel, Kristen Snyder, Michael W. Clarke, Kenneth R. Lehman, and Robert C. Wheatley. Consequently, ten directors will not be standing for reelection: David H. Koppenhaver, George Snead, Lloyd Harrison, Mona Albertine, Steven I. Tressler, Jennifer Delaye, William L. Jones, James A. Tamburro, David Doane, and John W. Breda. These ten individuals will also step down from the board of the company’s wholly owned subsidiary, LINKBANK.
According to the press release statement, none of the ten departing directors have expressed any disagreement with LinkBancorp or LINKBANK regarding their departure. They will continue to serve until the 2025 annual meeting.
The filing with the SEC provided no additional information regarding the reasons for the board’s downsizing or the future direction of the company following these changes. It also did not include any financial statements or pro forma financial information related to the restructuring.
Investors and stakeholders of LinkBancorp may take note of these changes as they may influence the company’s governance and strategic direction moving forward. The nominations signal a shift in the company’s leadership dynamics, with a leaner board possibly aiming for enhanced efficiency and decision-making agility.
The information for this news article is based on the latest 8-K filing by LinkBancorp with the Securities and Exchange Commission.
In other recent news, LINKBANCORP , Inc. reported a record net income of $7.6 million for the fourth quarter of 2024, surpassing the previous quarter’s $7.1 million. The net income per diluted share increased to $0.20, with adjusted earnings reaching $0.21 per diluted share. For the entire year, LINKBANCORP’s net income totaled $26.2 million, or $0.71 per diluted share, with adjusted net income at $26.9 million, or $0.73 per diluted share. The company announced a quarterly cash dividend of $0.075 per share, payable on March 14, 2025, to shareholders recorded by February 28, 2025. LINKBANCORP’s total deposits grew by 7.36% year-over-year to $2.36 billion, while total loans increased by 5.99% to $2.26 billion. The net interest margin expanded slightly to 3.85%, and noninterest expenses decreased to $18.3 million, improving the efficiency ratio to 65.04%. The company’s regulatory capital ratios remained well above the minimum required for the "well-capitalized" status. Additionally, LINKBANK entered into an agreement to sell its New Jersey branches to American Heritage Federal Credit Union, with the transaction expected to close in the first quarter of 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.