The merger of two Dauphin County banks has taken another step forward.
The merger of two Dauphin County banks is nearing completion.
Mid Penn Bancorp of Millersburg and Riverview Financial Corporation of Susquehanna Township announced on Monday that they had received all necessary approvals from the relevant banking regulatory agencies to complete the proposed merger of Riverview Bank and Mid Penn Bank.
The deal is set to close in the fourth quarter of 2021, subject to customary closing conditions.
Mid Penn Bancorp Inc. has 36 locations throughout Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill, and Westmoreland counties.
Mid Penn’s footprint will be expanded into the Lehigh Valley and State College region, as well as in western Pennsylvania, as a result of the merger.
Mid Penn Bank has come a long way not only since its inception in 1868, but also through a series of mergers over the last seven years.
The bank had 14 locations in Dauphin, Cumberland, Schuylkill, and Northumberland counties in 2014.
Over the years, the bank has gone through a number of mergers and acquisitions.
Miners Bank, a Phoenix Bancorp subsidiary, merged with Mid Penn Bank in 2015, expanding the bank’s presence in Schuylkill County.
Mid Penn Bank merged with The Scottdale Bank and Trust Company in 2018, extending Mid Penn’s reach into Westmoreland and Fayette counties.
Mid Penn Bank bought First Priority Financial Corp. in the same year, extending its reach into Chester, Berks, Montgomery, and Bucks counties.
Riverview Financial Corporation is a financial services company with 23 locations and three limited-purpose offices.
“We are pleased to have received regulatory approval of our merger, which supports our growth objectives, complements our franchise, and drives long-term shareholder value,” said Rory G Ritrievi, president and CEO of Mid Penn.
“Mid Penn and Riverview are working together to close this transaction in the fourth quarter, and timelines and milestones are being met as planned.”
The Nasdaq exchange has both banks listed.
In the summer of 2018, Riverview became a Nasdaq member.
On a pro forma basis, Mid Penn Bank is expected to have (dollar)4.7 billion in assets after the merger.
Daniel Urie can be found on Twitter as @DanielUrie2018 and on Facebook as @DanielUrie2018.