Mid Penn Bancorp Inc.’s proposed acquisition of Phoenix Bancorp Inc. now has federal and state approval to complete its merger.
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.
That clears the way for the merger to close March 1, according to a news release.
Millersburg-based Mid Penn Bancorp is the bank holding company for Mid Penn Bank, which has branches in Cumberland, Dauphin, Lancaster, Northumberland and Schuylkill counties. In August, it announced it would acquire Phoenix Bancorp, the holding company for Miners Bank, which has four branches in Schuylkill and Luzerne counties.
When the transaction closes, Mid Penn will have about $875 million in assets, adding $141 million from the Phoenix deal.
Mid Penn Bancorp Inc. trades on the NASDAQ under the ticker symbol MPB.