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Mid Penn Bank was named recently to Forbes’ 2026 list of America’s Best Banks. PHOTO/FILE
Mid Penn Bancorp to acquire 1st Colonial
Mid Penn Bancorp Inc. and 1st Colonial Bancorp Inc. announced this week that they have entered into a definitive agreement for Mid Penn to acquire 1st Colonial in a cash and stock transaction valued at approximately $101 million.
The transaction continues Mid Penn’s strategic expansion into the greater Philadelphia metropolitan area, the bank said in a release.
The merger agreement has been unanimously approved by the board of directors of each company.
The transaction is expected to close late in the first quarter or early in the second quarter of 2026, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by 1st Colonial shareholders.
Under the agreement, 1st Colonial President and CEO Robert B. White, will join Mid Penn Bank as the senior executive vice president, Greater Philadelphia Metro Area market president and senior risk advisor.
Founded in 2000 and headquartered in Mount Laurel, NJ, 1st Colonial operates three full-service branch locations and one loan production office in the greater Philadelphia metropolitan area.
As of June 30, 2025, 1st Colonial had approximately $877 million in total assets, $743 million in total deposits and $640 million in total loans. The combined company will have pro forma total assets of more than $7.2 billion, total deposits of approximately $6.2 billion and gross loans of more than $5.4 billion.
Mid Penn will have more than 60 total branch locations throughout its footprint.
