The proposed merger of Mid Penn Bank and Miners Bank has received federal approval.
Mid Penn Bancorp Inc. and Phoenix Bancorp Inc. announced Tuesday that they received all required approvals from the Federal Deposit Insurance Corp., the Board of Governors of Federal Reserve System and the Pennsylvania Department of Banking and Securities to complete the proposed merger.
Shareholders from both Mid Penn and Phoenix approved the transaction Dec. 23, 2014. Mid Penn plans to finish the merger on March 1.
Once finalized, Phoenix’s subsidiary bank, Miners Bank, will become part of Mid Penn’s subsidiary bank, Mid Penn Bank, and will operate as “Miners Bank, a Division of Mid Penn Bank.”
“We continue to focus on making this merger a success by creating an even better banking experience for customers, providing shareholders with a meaningful return on their investment and expanding our community involvement,” Mid Penn President and CEO Rory G. Ritrievi said in a prepared statement Tuesday. “Combining the strengths of both Mid Penn and Miners will assist in our continued growth, while still providing local and personal service to our communities.”
The merger will add four branches to Mid Penn’s network and expand the bank’s footprint to include Schuylkill and Luzerne counties. On a pro forma basis, the consolidated assets of the combined company will be about $875 million.
Keefe, Bruyette & Woods Inc. acted as financial advisor to Mid Penn, and Stevens and Lee P.C. acted as its legal advisor in the transaction. Griffin Financial Group LLC acted as financial advisor to Phoenix, and Bybel Rutledge LLP acted as its legal advisor.
Mid Penn Bancorp Inc. is a Central Pennsylvania bank holding company assets totaling about $736 million as of June 30, 2014. Headquartered in Millersburg, Mid Penn is the parent company of Mid Penn Bank, serving the community since 1868. Mid Penn Bank has 15 retail locations in Cumberland, Dauphin, Lancaster, Northumberland and Schuylkill counties.
The bank offers a diverse portfolio of products and services to meet the personal and business banking needs of the community. For more information, visit www.midpennbank.com.
Phoenix Bancorp Inc. is a bank holding company with assets totaling about $141 million as of June 30, 2014. Headquartered in Minersville, Phoenix is the parent company of Miners Bank. Serving the community since 1935, Miners Bank provides a complete line of personal and business banking services through its four retail locations in Schuylkill and Luzerne Counties.
For more information, visit the bank’s website at www.theminersbank.com.