MILLERSBURG, Pa., Aug. 25, 2017 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (NASDAQ:MPB) and its banking subsidiary, Mid Penn Bank, have filed, as applicable, applications with the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Pennsylvania Department of Banking and Securities to obtain the necessary approvals to merge with The Scottdale Bank & Trust Company (“Scottdale”) (OTC:SDLJ), headquartered in Scottdale, Pennsylvania. On August 17, 2017, Mid Penn filed a registration statement on Form S-4 (File No. 333-220020) with the U.S. Securities and Exchange Commission in connection with the previously disclosed agreement and plan of merger with Scottdale.
Under the terms of a definitive merger agreement signed on March 29, 2017, Mid Penn will issue a combination of Mid Penn common stock and cash to Scottdale shareholders in a transaction valued at approximately $59.1 million. The merger will expand Mid Penn’s footprint into western Pennsylvania including Westmoreland and Fayette counties. Mid Penn projects that it will have over $1.3 billion in assets upon completion of the merger.
"We are pleased to be one step closer to bringing Mid Penn and Scottdale together and growing our brand of full-service community banking,” said Mid Penn President and CEO Rory G. Ritrievi. "We are committed to upholding Scottdale’s legacy of providing personalized, prompt service from the bank’s local associates, along with enhancing support of the local communities. As we continue to move forward with the merger process, we look forward to welcoming Scottdale’s employees, customers and communities to the Mid Penn family.”
Subject to customary closing conditions including regulatory and shareholder approvals, the merger is expected to close in the fourth quarter of 2017. At closing, Scottdale will be merged with and into Mid Penn Bank and will operate as “Scottdale Bank & Trust, a division of Mid Penn Bank.”
About Mid Penn Bancorp, Inc.
Mid Penn Bancorp, Inc. (NASDAQ:MPB), through its banking subsidiary, Mid Penn Bank, has been serving Central Pennsylvania since 1868. Headquartered in Millersburg, Pa., Mid Penn Bank has 23 retail locations in Cumberland, Dauphin, Lancaster, Luzerne, Northumberland and Schuylkill Counties. The bank offers a diverse portfolio of products and services to meet the personal and business banking needs of the community. To learn more about Mid Penn Bank, visit midpennbank.com.
About The Scottdale Bank & Trust Company
The Scottdale Bank & Trust Company has total assets of approximately $263 million. Headquartered in Scottdale, Pa., the bank has been serving the community since 1901. Scottdale provides personal banking, business banking and trust services through its five locations in Westmoreland and Fayette counties. Additional information is available through the bank’s website at www.sbtbank.com.
