Mid Penn Bancorp Buys Malvern’s First Priority Financial for $82M

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After 50 years of bringing authentic Italian groceries to Germantown, Doylestown, and Warminster, the owners of Altomonte’s Italian Market are expanding their operations once again with a new cafe and bakery, writes Michele Haddon for Bucks County Courier Times.  

Franca and Michael Grispino moved from Italy to Philadelphia where they opened Mike’s Meats in 1971. After relocating to Bucks County, the couple expanded their business to Warminster in 1980.  

Mike’s Meats became Altomonte’s Italian Market, appropriately named after their hometown in Italy. The Doylestown location opened in 2006 and now in 2024— Warminster is welcoming Alto Bakery & Caffè.

The fresh cafe is designed to offer a quick service Italian culinary experience, featuring a selection of pizzas, pastries, sandwiches, and sweet treats. 

Customers will have the opportunity to enjoy specialty espresso, Italian sodas, traditional drip coffee, and rich Italian hot chocolate. 

Operating hours for the cafe are from Monday to Saturday. 

Read more about Alto Bakery & Caffè in the Bucks County Courier Times.  


More about Altomonte's

https://www.youtube.com/shorts/WvYqP1jh8LA

Mid Penn Bancorp is entering the lucrative southeastern Pennsylvania market by acquiring Malvern’s First Priority Financial, writes Joel Berg for Central Penn Business Journal.

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The area is attractive to the Millersburg bank due to its growing population and above average household income, according to Rory G. Ritrievi, Mid Penn’s president and CEO.

The all-stock deal is valued at around $82 million, has been approved by the boards of both banks and is expected to close in the third quarter of this year.

David E. Sparks

Once the deal is finalized, First Priority will operate as First Priority Bank, a division of Mid Penn Bank. The Chester County bank currently has eight branches in Chester, Berks, Montgomery and Bucks counties. The deal will increase Mid Penn’s total number of branches to 37 with total assets of $2.2 billion.

First Priority’s chairman and CEO, David E. Sparks, and three more board members will join the Mid Penn board.

According to Ritrievi, the merger talks between himself and Sparks got serious last summer.

“He comes from the finance side. I come from the loan side,” said Ritrievi. “Our skill sets are complementary.”

Read more about the acquisition at Central Penn Business Journal here, and check out previous VISTA Today coverage of First Priority Financial here.

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