Harrisburg-based Mid Penn Bank, a wholly owned subsidiary of Mid Penn Bancorp Inc., announced that it has entered into an agreement to sell its Williamsburg Financial Center to PennCrest Bank.
A mutual savings bank headquartered in Altoona, PennCrest has agreed to assume certain deposit liabilities of approximately $25.4 million and purchase certain loans totaling approximately $2.7 million as well as cash, real property, personal property and other fixed assets associated with the center.
The transaction is expected to close in the fourth quarter of this year, subject to customary closing conditions, including regulatory approvals.
“Financial center consolidation decisions like these don’t always come down to the dollars and cents, but rather the head and the heart,” Rory Ritrievi, president and CEO of Mid Penn, said in a release. “Since our acquisition of Riverview Financial and subsequent announcement of our intention to close and consolidate the Williamsburg Financial Center acquired in that acquisition, we have engaged with community leaders and the residents of Williamsburg … .
“… We listened to the community and worked hard to ensure that a local, in-person banking option remained available. When we connected with PennCrest on this potential sale, it was clear from the beginning that they understand this market and the community needs, and we are confident that the Williamsburg customers will be well-served by PennCrest.”
Mid Penn Bancorp Inc., with assets of more than $4.6 billion, operates retail locations in 16 counties throughout Pennsylvania and has total assets in excess of $4.6 billion.