Press release
Mid Penn Bancorp, Inc. Announces Agreement to Acquire 1st Colonial Bancorp, Inc.
HARRISBURG, Pa. & MOUNT LAUREL, N.J.--(BUSINESS WIRE)-- Mid Penn Bancorp, Inc. (“Mid Penn”) (Nasdaq: MPB) and 1st Colonial Bancorp, Inc. (“1st Colonial”)
About this update from Mid Penn Bancorp
[{"type":"text","content":" HARRISBURG, Pa. & MOUNT LAUREL, N.J.--(BUSINESS WIRE)--\nMid Penn Bancorp, Inc. (“Mid Penn”) (Nasdaq: MPB) and 1st Colonial Bancorp, Inc. (“1st Colonial”) (OTCPK: FCOB) jointly announced today that they have entered into a definitive agreement pursuant to which Mid Penn will acquire 1st Colonial in a cash and stock transaction valued at approximately $101 million. The merger agreement has been unanimously approved by the board of directors of each company. The transaction is expected to close late in the first quarter or early in the second quarter of 2026, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by 1st Colonial shareholders.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250924832329/en/\nOne 1st Colonial director to be nominated by the 1st Colonial board of directors in consultation with Mid Penn will join the Mid Penn board upon completion of the transaction. Concurrent with the entering into the merger agreement, 1st Colonial President and Chief Executive Officer, Robert B. White, entered into an employment agreement with Mid Penn Bank to become the Senior Executive Vice President, Greater Philadelphia Metro Area Market President and Senior Risk Advisor of Mid Penn Bank.\n\n\nFounded in 2000 and headquartered in Mount Laurel, NJ, 1st Colonial operates three full-service branch locations and one loan production office in the greater Philadelphia metropolitan area. As of June 30, 2025, 1st Colonial had approximately $877 million in total assets, $743 million in total deposits and $640 million in total loans. The transaction continues Mid Penn’s strategic expansion into the greater Philadelphia metropolitan area. The combined company will have pro forma total assets of more than $7.2 billion, total deposits of approximately $6.2 billion and gross loans of more than $5.4 billion, based on financial data as of June 30, 2025. Pro forma for the transaction, Mid Penn will have more than 60 total branch locations with strong capital ratios and be well positioned to serve its commercial and retail customers throughout its footprint.\n\n\n\"We are excited to welcome 1st Colonial to Mid Penn, a strategic move to further expand our footprint into the greater Philadelphia metropolitan area, particularly southe...