Sign In
Free Newsletter
Mid Penn Bancorp’s purchase of Brunswick Bancorp is official
Paula Wolf//May 22, 2023
Harrisburg-based Mid Penn Bancorp Inc. announced Monday that its acquisition of New Brunswick, New Jersey-based Brunswick Bancorp was completed May 19 after the close of business.
In connection with the holding company merger, Brunswick’s banking subsidiary, Brunswick Bank &Trust Co., has been merged with and into Mid Penn’s subsidiary bank, Mid Penn Bank. Mid Penn Bancorp is also the parent company of MPB Financial Services LLC, a provider of specialized investment strategies, insurance, and planning services to individuals, families and businesses.
The combined stock and cash transaction, valued at around $43.7 million, will extend Mid Penn’s footprint into Middlesex and Monmouth counties in central New Jersey and increase the value of its assets to approximately $5 billion.
“We are pleased to welcome Brunswick customers, employees and shareholders to Mid Penn and Mid Penn Bank,” Mid Penn President and CEO Rory G. Ritrievi said in a release. “As we introduce the Mid Penn brand of community banking into attractive new markets in New Jersey, we are committed to making this combination a positive one for all involved. We believe our commitment to offering the best products and services, delivered by the best financial professionals, will be appreciated by customers and the local communities at large.”
Mid Penn announced it was acquiring Brunswick in December 2022, and shareholders from both companies approved the sale in April.
Paula Wolf is a freelance writer
