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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.

CPBJ Staff
Contact the Editorial Department at editorial@cpbj.com

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