Mid Penn Bancorp announced that it has closed its acquisition of 1st Colonial Bancorp on February 27 2026, with the completion disclosed on March 2 2026. The cash‑and‑stock transaction, valued at approximately $106.1 million, merged 1st Colonial’s banking subsidiary into Mid Penn Bank, bringing the combined company’s assets to roughly $7 billion.
The deal adds 1st Colonial’s three retail locations in Collingswood, Westville, and Limerick, Pennsylvania, and an administrative office in Mount Laurel, New Jersey, to Mid Penn’s existing network of 62 branches. The combined entity will therefore operate more than 60 branches, with the acquisition increasing the total to 65 retail locations.
Strategically, the transaction extends Mid Penn’s presence into the greater Philadelphia metropolitan area and southern New Jersey, providing immediate access to new deposit and loan portfolios. Management expects the deal to be accretive to earnings per share and to improve the company’s net‑interest margin through geographic diversification and cost synergies.
Rory G. Ritrievi, Mid Penn’s chair, president and CEO, said the company is pleased to complete the merger and welcomes 1st Colonial’s customers and employees to Mid Penn Bank. He added that the transaction builds on Mid Penn’s existing presence in the region and enhances its ability to serve customers with additional resources and capabilities. The addition of former 1st Colonial director Thomas R. Brugger to Mid Penn’s board signals a smooth integration plan.
The acquisition aligns with Mid Penn’s strategy of scaling through targeted acquisitions while maintaining its community‑banking focus. By combining the two institutions, Mid Penn gains a broader geographic reach, a larger asset base, and new cross‑selling opportunities for insurance and wealth‑management services, positioning the company to compete more effectively in the regional banking sector.
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