Mid Penn Bank plans to acquire Mount Laurel, N.J.-based 1st Colonial Community Bank for $101 million in a cash and stock deal, marking its second local bank acquisition in under a year.
The transaction is expected to close in the first or second quarter of next year and will further expand Mid Penn’s presence in the Philadelphia and southern New Jersey markets.
Following the acquisition, the combined bank will hold more than $7.2 billion in assets, $6.2 billion in deposits, and $5.4 billion in gross loans and operate more than 60 branches across Pennsylvania and New Jersey. The addition of 1st Colonial will bring three new branches to the Philadelphia area.
“We are excited to welcome 1st Colonial to Mid Penn, a strategic move to further expand our footprint into the Greater Philadelphia metropolitan area, particularly southern New Jersey,” said Mid Penn Bank CEO Rory Ritrievi. “This merger brings together two institutions with a deep understanding of our customers’ needs, a shared commitment to our communities, and a focus on shareholder return. The combined bank will continue the positive impact Mid Penn has made in the Greater Philadelphia metropolitan area market, creating a more powerful, resilient, and dynamic financial institution that is better positioned to invest in local businesses, support nonprofits, and help individuals and families achieve their financial goals.”
Robert White, the 1st Colonial CEO who succeeded founder Gerry Banmiller in 2020, will join Mid Penn as Senior Executive Vice President, Greater Philadelphia Metro Area Market President, and Senior Risk Advisor. White helped grow 1st Colonial from $554 million to $877 million in assets.
“We are thrilled to be joining forces with Mid Penn, a recognized regional banking leader,” he said. “The strategic transaction will create tremendous opportunity for our team members, valued customers, and our dedicated shareholders. The combination will allow for an expansion of our product and service offering, as well as bring greater financial capacity for continued investment in our company and our communities.”
The acquisition aligns with Mid Penn’s strategy to grow in the Philadelphia region, following its $120 million acquisition of William Penn Bank in May and its 2018 purchase of First Priority Bank. The William Penn deal nearly doubled its local assets, and the bank now aims to reach $5 billion in Philadelphia-area assets.
Learn more about Mid Penn Bank and its comprehensive portfolio of financial products and services that meets the needs of the communities it serves.
