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Mid Penn shareholders approve Miners Bank acquisition

Mid Penn Bancorp Inc.’s acquisition of Minersville-based Phoenix Bancorp Inc. has the approval of shareholders of both companies.

Shareholders from both companies met Tuesday to approve the acquisition.

Millersburg-based Mid Penn, the bank holding company for Mid Penn Bank, announced the acquisition of Phoenix in August, buying the Schuylkill County company for about $14.5 million.

The deal is expected to close in the first quarter of 2015.

Phoenix is the parent company for Miners Bank, which has three branches in Schuylkill County and one in Luzerne County. The move into Luzerne County is the furthest move north of any locally based bank since Susquehanna Bank bought Community Banks Inc. in 2007.

Miners has about $141 million in assets as of June 30. The combined bank will have about $875 million in assets.

The deal still is contingent on regulatory approval from the Federal Deposit Insurance Corp., the Federal Reserve and the Pennsylvania Department of Banking and Securities.

Mid Penn Bancorp Inc. trades on the NASDAQ under the ticker symbol MPB.

Michael Sadowski

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