Mid Penn Bank’s acquisition of Sarasota, Fla.-based Cumberland Advisors has been completed.

A registered investment advisory firm with clients both nationally and internationally, Cumberland had approximately $3.2 billion in assets under management. In connection with the acquisition, Cumberland has been merged with and into a newly formed acquisition subsidiary of Mid Penn Bank, operating as Cumberland Advisors, LLC, and its experienced team of investment advisory professionals has joined the Mid Penn team.

“We are excited to welcome the Cumberland Advisors team, customers, and shareholders to the Mid Penn family,” said Mid Penn Bank CEO Rory Ritrievi. “Cumberland has built a strong reputation for excellence and is the ideal choice to help us continue our legacy of delivering exceptional financial solutions while maintaining a strong commitment to customer care.”

Founded in 1973, Cumberland is a fee-for-service investment management company serving advisors, individuals, and institutional investors. The firm has a conservative investment orientation to manage both risks as well as returns. Cumberland utilizes market-leading knowledge, analysis, and independent research to advise its clients and prides itself on its personalized service and long-lasting relationships.

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