Mid Penn to move forward with NJ bank acquisition

Paula Wolf//April 26, 2023

(Photo: Thinkstock)

Mid Penn to move forward with NJ bank acquisition

Paula Wolf//April 26, 2023

Harrisburg-based Mid Penn Bancorp Inc. and New Brunswick, New Jersey-based Brunswick Bancorp announced Tuesday that they have received necessary approvals from the applicable regulatory agencies to complete the proposed merger of Brunswick with and into Mid Penn.

Shareholders from Mid Penn and Brunswick overwhelmingly approved the transaction at special meetings held April 25. Mid Penn signed an agreement to acquire Brunswick Bancorp late last year for $53.9 million.

The merger will extend Mid Penn’s footprint into new markets and expand its presence into central New Jersey. Mid Penn, on a pro forma basis following completion of the merger, is expected to have approximately $5 billion in assets. The deal is anticipated to close in the second quarter of 2023.

Mid Penn President and CEO Rory G. Ritrievi said in a release, “We are pleased to have timely received all regulatory and shareholder approvals required in order to consummate our acquisition of Brunswick Bancorp, a transaction that supports our growth objectives, complements our franchise, and propels long-term shareholder value. The level of support for this transaction was tremendous. Of the total number of votes received, over 99% of Brunswick shares voted in favor of the merger and more than 97% of Mid Penn shares also voted in favor of the merger.”

Mid Penn Bancorp Inc. is the parent company of Mid Penn Bank, a full-service commercial bank, and MPB Financial Services LLC, a provider of specialized investment strategies, insurance and planning services to individuals, families and businesses. Mid Penn operates retail locations in 17 counties in Pennsylvania.

Brunswick Bancorp is the holding company for Brunswick Bank & Trust Co., a New Jersey chartered commercial bank that serves central New Jersey through its New Brunswick main office and four additional branch offices.

Paula Wolf is a freelance writer