Mid Penn closes $59.1M Scottdale purchase
Mid Penn Bancorp Inc. said it has completed its acquisition of Scottdale Bank & Trust Co., a deal valued at $59.1 million.
The deal, which closed Jan. 8, adds five branches in Fayette and Westmoreland counties for for Millersburg-based Mid Penn, bringing the bank's total branches to 29. Its total assets are now $1.4 billion, Mid Penn said in a press release.
The former Scottdale branches, meanwhile, will operate as Scottdale Bank & Trust, a Division of Mid Penn Bank.
"It is truly an honor and a privilege to welcome Scottdale Bank & Trust customers and employees," Rory G. Ritrievi, Mid Penn's president and CEO, said in a statement. "We look forward to providing customers with new products, services and conveniences while enhancing our community involvement in western Pennsylvania."
Sandler O’Neill + Partners LP acted as financial adviser and Stevens & Lee acted as legal adviser to Mid Penn in the transaction. Ambassador Financial Group Inc. acted as financial adviser and Tucker Arensberg P.C. acted as legal adviser to Scottdale.