MILLERSBURG, Pa., Jan. 09, 2018 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (NASDAQ:MPB) today announced that its merger with The Scottdale Bank & Trust Company was completed on January 8, 2018. Scottdale has been merged with and into Mid Penn’s subsidiary bank, Mid Penn Bank, and is now operating as “Scottdale Bank & Trust, a Division of Mid Penn Bank.”
The transaction was valued at approximately $59.1 million and expands Mid Penn’s footprint into western Pennsylvania including Westmoreland and Fayette counties. As a result of the merger, Mid Penn now operates a total of 29 retail locations in Pennsylvania. The consolidated assets of the combined company are valued at approximately $1.4 billion as of September 30, 2017.
“It is truly an honor and a privilege to welcome Scottdale Bank & Trust customers and employees,” said Mid Penn Bank President and CEO Rory G. Ritrievi. “We look forward to providing customers with new products, services and conveniences while enhancing our community involvement in western Pennsylvania."
Sandler O’Neill + Partners, L.P. acted as financial advisor and Stevens & Lee acted as legal advisor to Mid Penn in the transaction. Ambassador Financial Group, Inc. acted as financial advisor and Tucker Arensberg, P.C. acted as legal advisor to Scottdale.
About Mid Penn Bancorp, Inc.
Mid Penn Bancorp, Inc. (NASDAQ:MPB), headquartered in Millersburg, Pa., has been serving the community since 1868. Mid Penn has 29 retail locations in the state of Pennsylvania. Its footprint includes Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Northumberland, Schuylkill and Westmoreland counties. The bank offers a comprehensive portfolio of products and services to meet the banking needs of the communities it serves. To learn more about Mid Penn Bank, visit midpennbank.com.