Harrisburg, Pa., (May 22, 2023) (GLOBE NEWSWIRE) – Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB) today announced that its acquisition of Brunswick Bancorp (“Brunswick”) was completed after the close of business on May 19, 2023. In connection with the holding company merger, Brunswick’s banking subsidiary, Brunswick Bank & Trust Company, has been merged with and into Mid Penn’s subsidiary bank, Mid Penn Bank.
The combined stock and cash transaction was valued at approximately $43.7 million and will extend Mid Penn’s footprint into Middlesex and Monmouth counties in central New Jersey. The consolidated assets of the combined company are valued at approximately $5 billion.
“We are pleased to welcome Brunswick customers, employees and shareholders to Mid Penn and Mid Penn Bank,” Mid Penn President and CEO Rory G. Ritrievi said. “As we introduce the Mid Penn brand of community banking into attractive new markets in New Jersey, we are committed to making this combination a positive one for all involved. We believe our commitment to offering the best products and services, delivered by the best financial professionals, will be appreciated by customers and the local communities at large.”
Piper Sandler & Co. served as financial advisor to Mid Penn in connection with the transaction and Stephens Inc. rendered a fairness opinion to Mid Penn’s Board of Directors. Pillar+Aught LLC served as legal advisor to Mid Penn in the transaction. Janney Montgomery Scott LLC served as financial advisor to Brunswick in connection with the transaction and rendered a fairness opinion to the Brunswick Board of Directors. Windels Marx Lane & Mittendorf, LLP served as legal advisor to Brunswick.