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LINKBANCORP, Inc. (OTC Pink: LNKB) and GNB Financial Services, Inc., (OTC Pink: GNBF) today announced the execution of a definitive agreement to combine in a stock and cash transaction, creating a leading Pennsylvania community bank with assets in excess of $800 million and a network of nine offices throughout South Central Pennsylvania.
Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, GNB Financial Services will merge with and into LINKBANCORP, with LINKBANCORP surviving the merger. Shareholders of GNB Financial will have the opportunity to elect to receive $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 $62.6 million based on the trading price of LINKBANCORP as of December 7, 2020. The agreement provides for proration procedures intended to ens