Mid Penn finalizes Phoenix Bancorp acquisition
Millersburg-based Mid Penn Bancorp Inc. has completed its merger of Minersville-based Phoenix Bancorp Inc., the parent company of Mid Penn Bank said today.
The deal, which was announced in August, was finalized Sunday.
Phoenix’s subsidiary, Miners Bank, now operates as Miners Bank, a division of Mid Penn Bank. Miners has four branches in Schuylkill and Luzerne counties.
The combined organization had about $879 million in total assets, as of June 30, 2014. Deposits totaled $752 million and loans totaled $664 million.
"We believe this merger combines the strengths of both Mid Penn and Miners by creating an even better banking experience for customers, enhancing the value of Mid Penn for our shareholders and expanding our involvement in, and services to, our communities," said Rory Ritrievi, Mid Penn's president and CEO.
The holding company reported assets of $756 million as of the end of 2014. Mid Penn now has 19 branches in Cumberland, Dauphin, Lancaster, Luzerne, Northumberland and Schuylkill counties.
The Federal Deposit Insurance Corp., the board of governors of the Federal Reserve System and the Pennsylvania Department of Banking and Securities all have approved the acquisition. Shareholders from both bank holding companies approved the acquisition Dec. 23.
In addition, Mid Penn has added Vincent Land, Robert Moisey and Noble Quandel Jr. to its board of directors.
Mid Penn trades on the NASDAQ under the ticker symbol MPB.