<SEC-DOCUMENT>0001193125-21-214220.txt : 20210914
<SEC-HEADER>0001193125-21-214220.hdr.sgml : 20210914
<ACCEPTANCE-DATETIME>20210713171330
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ACCESSION NUMBER:		0001193125-21-214220
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINKBANCORP, Inc.
		CENTRAL INDEX KEY:			0001756701
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				825130531
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3045 MARKET STREET
		CITY:			CAMP HILL
		STATE:			PA
		ZIP:			17011
		BUSINESS PHONE:		7177787243

	MAIL ADDRESS:	
		STREET 1:		3045 MARKET STREET
		CITY:			CAMP HILL
		STATE:			PA
		ZIP:			17011
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richard Schaberg</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Partner</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hogan Lovells US LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Columbia Square</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555 Thirteenth Street, NW</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20004</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T +1 202 637 5671</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">F +1 202 637 5910</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richard.schaberg@hoganlovells.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.hoganlovells.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;13, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>BY
EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Stickel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>LINKBANCORP, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed on June&nbsp;21, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-255908</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Stickel: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is
submitted on behalf of LINKBANCORP, Inc. (the &#147;<B><I>Company</I></B>&#148; or &#147;<B><I>LINK</I></B>&#148;) in response to a comment from the staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the Securities
and Exchange Commission<B><I></I></B> in a letter to the Company dated July&nbsp;6, 2021 with respect to Amendment No.&nbsp;1 to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed on June&nbsp;21,
2021 (the &#147;<B><I>Registration Statement</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with this response letter, the Company is filing Amendment
No.&nbsp;2 to the Registration Statement (the &#147;<B><I>Amended Registration Statement</I></B>&#148;), which will include changes in response to the Staff&#146;s comment.<B><I> </I></B>We have reproduced the Staff&#146;s comment in italics below
followed by the response. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.&nbsp;1 to Form <FONT
STYLE="white-space:nowrap">S-4</FONT> filed June&nbsp;21, 2021 </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Opinion of Boenning&nbsp;&amp; Scattergood, Inc., Financial Advisor to GNB, page 2
</U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response and revised disclosure in response to our prior comment 3. Please also address if the
fairness opinion given to the board of directors of GNB addressed the consideration to be received for the fractional shares. Further, please address under &#147;GNB&#146;s Reasons for the Merger,&#148; at page 105, how the consideration to be
received for fractional shares was considered as factor in evaluation of the merger and the merger agreement, or advise. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response to Comment No.&nbsp;1 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As is customary for transactions of the kind described in the Amended Registration Statement, Section&nbsp;2.04(m) of the Agreement and Plan
of Merger provides that no fractional shares of the Company&#146;s common stock shall be issued in connection with the merger.&nbsp;Rather, in lieu of any such fractional shares, the Company shall pay to each holder of a fractional share of the
Company&#146;s common stock an amount of cash (without interest) determined by multiplying the fractional share interest to which such holder would otherwise be entitled by Twelve Dollars ($12.00), rounded to the nearest whole cent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described in the Amended Registration Statement on pages 2, 107 and 152, the parties agreed to use $12.00 as the reference price on which
to cash out fractional shares, which was the price at which LINK, whose common stock was and continues to be thinly traded, recently completed a $5&nbsp;million private placement of its common stock.&nbsp;The parties note that this represented a
premium to the trading price of LINK common stock of $10.74 as of December&nbsp;10, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Presently, there are 601 registered holders of
GNB Financial Services, Inc. (&#147;<B><I>GNB</I></B>&#148;) common stock and approximately 90 <FONT STYLE="white-space:nowrap">non-objecting</FONT> beneficial owners.&nbsp;If each registered holder and each
<FONT STYLE="white-space:nowrap">non-objecting</FONT> beneficial owner was entitled to receive 0.9 of a share of LINK common stock in the merger, the aggregate consideration payable by LINK to such holders would be less than $7,500, which is a <I>de
minimis</I> amount in light of the overall transaction value of approximately $60&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the parties note that the
Board of Directors of GNB (the &#147;<B><I>GNB Board</I></B>&#148;) was provided with a draft of the definitive merger agreement in advance of its meeting on December&nbsp;10, 2020, at which meeting the GNB Board approved the merger agreement and
merger.&nbsp;The language of Section&nbsp;2.04(m) appearing in the draft presented to the GNB Board in advance of the December&nbsp;10, 2020 meeting and the language included in the execution version of the merger agreement is identical. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described on page
109 of the Amended Registration Statement, prior to its approval of the merger agreement and merger on December&nbsp;10, 2020, the GNB Board received presentations from its legal counsel and financial advisor, Pillar Aught LLC and
Boenning&nbsp;&amp; Scattergood, Inc., respectively, during which presentations the material terms of the merger agreement and merger were described. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Due to the <I>de minimis</I> nature of the fractional share consideration in light of the overall transaction value, and as is customary in
the experience of such advisors, neither advisor specifically addressed in its presentation the consideration to be received by GNB shareholders for fractional shares.&nbsp;Similarly, the fairness opinion received by the GNB Board does not
specifically address the consideration to be received for fractional shares.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While the GNB Board engaged in extensive discussion with its
legal and financial advisors at its December&nbsp;10, 2020 and prior meetings concerning the proposed merger with LINK, and while the GNB Board received a draft of the merger agreement in advance of its December&nbsp;10, 2020 meeting, the GNB Board
did not inquire of its advisors with respect to the consideration to be received for fractional shares.&nbsp;While each GNB director was free to consider any and all factors he or she deemed necessary or advisable in reaching his or her decision
with respect to whether to approve the merger agreement and merger, the parties are not aware that any director specifically considered the consideration to be received by GNB shareholders for fractional shares of LINK as a specific factor in
ultimately voting to support the transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In light of the foregoing, including the <I>de minimis</I> nature of the consideration to
be received by GNB shareholders for fractional shares, the parties do not believe that any additional disclosure is required to be included in the Amended Registration Statement regarding the consideration to be received for fractional shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Accounting Treatment of the Merger, page 17 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to our comment 5. Please expand your analysis of ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-11</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-15,</FONT> to address the items below. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response to Comment No. 2 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Clarify the reasons, under the authoritative literature, why the cash component was not considered to be an
indicative component in the determination of the accounting acquirer given that the GNB Board considered this an important factor in the approval of the business combination. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-11</FONT></FONT></FONT>
provides that &#147;If a business combination is effected by transferring cash or other assets as the primary form of consideration, then the party transferring the assets is typically the acquirer.&#148; The consideration exchanged in connection
with the business combination is primarily shares of LINK common stock, with a maximum of up to 20% of the outstanding GNB shares potentially exchanged for cash consideration, at the election of GNB shareholders, principally to accommodate GNB
shareholders who may desire liquidity of shares </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(GNB or LINK) for which there is or
will be no active trading market, either pre or post combination. Accordingly, the stock component will constitute no less than 80% of the total consideration in the combination and is the primary form of consideration. Since cash is not the primary
form of consideration, ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-11</FONT></FONT></FONT> is not applicable and the cash component is not considered to be an indicative component
in the determination of the accounting acquirer. Accordingly, the parties have followed the applicable guidance at ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12</FONT></FONT> which provides that all pertinent
facts and circumstances shall be considered in identifying the acquirer in a business combination effected by exchanging equity interests. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Indicate if the LINK outstanding stock options and warrants were considered to be <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;in-the-money&#148;</FONT></FONT> and if so, the reasons why these instruments were not considered in the determination of the voting interest ownership of the combined entity. </I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please refer to the response below. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Indicate if the warrants and stock options issued and outstanding are expected to remain outstanding or are
they expected to be exercised with the proposed combination; </I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2021, LINK had 1,537,484
outstanding warrants and 82,400 vested stock options, all with an exercise price of $10 per share. At March&nbsp;31, 2021, the closing price of LINK common stock reported on the Pink Open Market equaled $11.55 per share, indicating that the options
and warrants were marginally <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;in-the-money.&#148;</FONT></FONT> However, LINK does not expect the outstanding warrants and/or options to be exercised with the business
combination nor does it consider it reasonable that the warrant holders, in particular, would exercise their warrants individually in the near-term. Rather, LINK considered it more reasonable and likely that the warrant holders would exercise and
sell shares underlying their warrants in connection with a future capital raising effort, the timing of which cannot be predicted at this time. Nonetheless, LINK completed an analysis to determine the impact of the warrant and option holders
exercising their respective instruments and purchasing shares equal to the net proceeds of $1.55 per share which would add an approximate 220,000 shares to the LINK shareholder base. This amount represents between 2.1% and 2.3% of the
post-combination outstanding shares, or a variation in post-combination ownership percentage across all election scenarios of 108 basis points and does not materially affect the analysis of relative voting rights, which, as explained in LINK&#146;s
prior response, due to the structure of the merger consideration, results in post-combination ownership ranging from current GNB shareholders holding between approximately 47.8% and approximately 53.4% of the outstanding voting interest of the
combined company. Given all of the foregoing factors, the outstanding warrants and options were not considered material while evaluating the ownership interest or voting rights after the combination in accordance with ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-55-12.</FONT></FONT> </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>We note the CEO had a large voting interest in LINK prior to the merger. Address how this was considered,
along with the other directors and executive officers of LINK in the determination of the existence of a large minority voting interest in the determination of the accounting acquirer.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12,</FONT></FONT> provides, in relevant part, that other facts
and circumstances to be considered in identifying the accounting acquirer include the existence of a large minority voting interest in the combined entity if no other owner or organized group of owners has a significant voting interest. Upon
completion of the combination, the shares of common stock owned by LINK&#146;s CEO are anticipated to represent 2.1% to 2.3% of the outstanding shares of the combined entity. <I></I>Shares owned by all
<FONT STYLE="white-space:nowrap">pre-combination</FONT> directors and executive officers, including the CEO, of LINK (excluding shares with respect to which beneficial ownership is disclaimed as noted in footnote 10 on page 64 of the Amended
Registration Statement), are anticipated to represent 5.7% to 6.4% of the outstanding shares of the combined entity. Similarly, the shares of GNB common stock owned by an independent director of GNB, if all such shares are exchanged for shares of
LINK common stock, would represent 2.3% to 2.6% of the outstanding shares of the combined entity. Collectively, shares of GNB common stock owned by all GNB executive officers and directors, if all such shares are exchanged for shares of LINK common
stock, would represent between 4.1% to 4.5% of the outstanding shares of the combined entity. Accordingly, with respect to both LINK and GNB, there is no one executive or director nor is there a collective of all executives and directors or any
other organized shareholder group who would have a large minority voting interest in the combined entity. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Provide a more detailed analysis evaluating the composition of senior management of the combined entity. The
analysis should consider the executive chairman of the board, the chief executive officer, the chief operating officer, the chief financial officer, and members of the executive committee, if one exists, as well as any other specific factors
considered.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In considering the composition of the senior management of the combined entity, as provided in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12,</FONT></FONT></FONT> it is noted that the current Chairman of GNB will serve as the Chairman of the combined entity and the Chief Executive
Officer of GNB will be the Executive Chairman of The Gratz Bank, as the sole operating bank subsidiary of LINK upon completion of the combination. LINK&#146;s current Chief Executive Officer, President, Chief Operating Officer and Chief Financial
Officer will each retain such roles with the combined entity. LINK does not maintain an executive committee. However, the senior management of the combined entity will include the foregoing, as well as the current Chief Financial Officer, Chief
Operating Officer and Senior Agricultural and Commercial Lending Officer of GNB, who have each entered into employment agreements to serve as Senior Vice President, Market President; Senior Vice President, Senior Risk Officer; and Senior Vice
President, Agriculture and Consumer Lending, </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">respectively. This structure,
retaining and incorporating each entity&#146;s management into the management of the combined entity, reflects both the intent of the parties that the combination reflect a true &#147;merger of equals&#148; as well as the objective of the GNB board
of directors to obtain the talent it identified as necessary to continue GNB&#146;s historically strong financial performance and remain an independent community bank. Through this structure, it should be noted that any material strategic
initiatives of the combined entity would require the approval of the Board of Directors, thus limiting the overall control that senior management would exercise. Based on the foregoing, it was concluded that neither combining entity&#146;s
management team will dominate the management of the combined entity. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Given the significance of the premium paid, which was an important factor in the GNB Board approval of the
business combination, provide an expanded discussion of why the per share amount to be paid by LINK would not support a reliable determination of fair market value, as your response has indicated.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12,</FONT></FONT></FONT> one consideration in determining the accounting acquirer in a business combination is the entity that pays a
premium over the precombination fair value of the equity interest of the other combining entity. In determining fair value of the equity interest of each of GNB and LINK for purposes of this evaluation, it is noted that shares of the common stock of
each company are generally illiquid. As reported on the Pink Open Market, the average daily trading volume of GNB shares for the period from June 2020 through June 2021 was approximately 270 shares, and the average daily trading volume of LINK
shares for the same period was 260 shares. Since no active trading market existed for the common stock of either GNB or LINK, it was determined that the prices reported on the Pink Open Market are generally not a reliable indication of the fair
value of either entity&#146;s equity interest. In assigning an implied value to the stock consideration, the parties agreed to utilize an assumed per share value of LINK&#146;s common stock of $12.00, which represents a premium of 153% of
LINK&#146;s tangible book value per share at December&nbsp;31, 2020 (as well as a premium to LINK&#146;s closing price of $10.74 per share reported on the Pink Open Market on December&nbsp;9, 2020, the day prior to the public announcement of the
combination). The implied value of stock consideration to be exchanged would be $87.68 per GNB share based on the $12.00 per LINK share value, or $78.74 per GNB share based on the $10.74 per LINK share value. For purposes of comparison, these values
represent 143% and 128%, respectively, of GNB&#146;s tangible book value per share at December&nbsp;31, 2020.&nbsp;&nbsp;&nbsp;&nbsp;In order to evaluate whether this value represented a premium for purposes of the analysis according to ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-12,</FONT></FONT></FONT> an average of three SNL U.S. Bank stock indices (SNL Small Cap U.S. Bank Index, SNL U.S. Bank $500M-$1B and SNL U.S.
Bank&gt;$500M) was reviewed, indicating that the average share price of index companies represented approximately 121% (ranging between 126.3% and 113.0%) and 132% (ranging between 148.5% and 121.6%) of tangible book value at December&nbsp;31, 2020
and March&nbsp;31, 2021, respectively. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the
foregoing, it was determined that the value of the equity interest exchanged is within an acceptable range of fair value and does not represent the level of premium that would be determinative in identifying the accounting acquirer in accordance
with applicable guidance. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Provide an expanded discussion which also addresses the operating results and financial position of both
entities reflective of the interim period ended March</I><I></I><I>&nbsp;31, 2021 in addressing ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-13.</FONT></FONT></FONT></I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Below is a comparison of the two entities, which demonstrates that GNB is contributing greater assets, deposits,
equity, and earnings to the combined entity. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Data as of and for the</B><br><B>quarter ended 3/31/21</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Data as and for the year</B><br><B>ended 12/31/20</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP>(dollars in $ 000&#146;s)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>LINK</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>GNB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>LINK</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>GNB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 3,776</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">132,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 79,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125,447</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross Loans <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">389,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">235,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">327,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">236,584</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">421,062</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">443,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">424,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">430,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">312,085</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">388,760</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">283,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">375,124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 43,081</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 50,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 40,334</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 50,674</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income (Loss) Before Income Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(241</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,764</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 4,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by (used in) operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(663</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,436</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 3,128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For LINK, the balance of Gross Loans includes SBA Paycheck Protection Program (PPP) loans of $81.5&nbsp;million
and $41.0&nbsp;million as of March&nbsp;31, 2021 and December&nbsp;31, 2020, respectively. GNB did not originate any SBA PPP loans. <I></I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Discuss whether LINK or GNB initiated the merger discussion and how this was considered in addressing ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-14.</FONT></FONT></FONT></I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-10-55-14</FONT></FONT></FONT>
provides that, in a business combination involving more than two entities, determining the acquirer shall include a consideration of, among other things, which of the combining entities initiated the combination, as well as the relative size of the
combining entities, as discussed in the previous paragraph. Considering that the proposed business combination is between LINK, who is 100% owner of its sole subsidiary, LINKBANK, and GNB, who is the 100% owner of its banking subsidiary The Gratz
Bank, the business combination does not involve more than two entities and this provision is not applicable. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Nonetheless, please
refer to the &#147;Background of the Merger&#148; beginning on page 100 of the Amended Registration Statement for a description of the relevant discussions between LINK and GNB, as well as other facts and circumstances which provide a more complete
understanding of the context within which those conversations took place. This description confirms the parties&#146; desire from the commencement of discussions to structure the combination as a genuine merger of equals with shared board and
management governance. Accordingly, these circumstances provide little direction in determining the accounting acquirer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As noted in
LINK&#146;s prior response, no single factor was the sole determinant in the overall conclusion related to the acquirer for accounting purposes; rather all factors were considered in reaching a conclusion, with significant weight placed on the fact
that the surviving operating bank subsidiary in the combination is GNB&#146;s subsidiary bank, The Gratz Bank, which is the more substantive, stable and profitable entity, as well as that current GNB shareholders will own up to approximately 53.4%
of the combined entity, with other considerations and factors being consistent with a merger of equals. Taking into consideration all of the aforementioned facts and considerations of the combination, LINK has concluded that the acquiring entity in
the business combination is GNB. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Pro Forma Combined Financial Data for LINKBANCORP, Inc. </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Unaudited Pro Forma Combined Financial Statements, page 28 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please revise to provide a reconciliation which specifies the details of the individual adjustments for both
Surplus and Retained Earnings within Shareholders&#146; Equity as of March&nbsp;31, 2021. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response to Comment
No.&nbsp;3 </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure in the Amended Registration Statement on
pages <FONT STYLE="white-space:nowrap">30-31</FONT> to include a reconciliation which specifies the details of the individual adjustments for both Surplus and Retained Earnings within Shareholders&#146; Equity as of March&nbsp;31, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Material U.S. Federal Income Tax Consequences of the Merger, page 139 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 14. We further note the revision at page 140 that the opinions are
set forth in the prospectus. Please clarify to us if exhibit 8.2 is intended to be a short-form opinion, or advise. If it is intended to be a short-form opinion, the exhibit must also state clearly that the disclosure in the tax consequences section
of the prospectus is the opinion of the named counsel. Also, if the prospectus is serving as the opinion, please remove your disclosure that suggests this section </I></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 13, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 9
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>represents a &#147;summary&#148; of the tax opinion. For guidance, refer to Section III.B.1. and 2. of Staff Legal Bulletin No.&nbsp;19. In exhibit 8.2, please remove the statement limiting reliance by any other
person or entity other than the Board of Directors, when you file your signed and dated opinion. Refer to Section III.D.1. of Staff Legal Bulletin No.&nbsp;19. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response to Comment No.&nbsp;4 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exhibit 8.2 is intended to be a short-form opinion and it has been revised to state that the disclosure under &#147;Material U.S. Federal
Income Tax Consequences of the Merger&#148; constitutes the opinion of Pillar Aught LLC of the material tax consequences of the merger. In response to the Staff&#146;s comment, the Company has revised the disclosure in the Amended Registration
Statement on pages <FONT STYLE="white-space:nowrap">140-143</FONT> to remove disclosure that suggests this section represents a &#147;summary&#148; of the tax opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions
or would like further information concerning the Company&#146;s response to your comment, please do not hesitate to contact me. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Richard A. Schaberg</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Richard A. Schaberg</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Susan Block </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">SEC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael Henderson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">SEC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Marc Thomas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">SEC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andrew Samuel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Chief Executive Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">LINKBANCORP, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carl Lundblad </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">LINKBANCORP, Inc. </P>
</DIV></Center>

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