Mid Penn Bancorp, Inc. (NASDAQ: MPB) announced that shareholders of 1st Colonial Bancorp, Inc. (OTCPK: FCOB) approved the proposed merger between the two banks. The approval was reached at a special meeting held on February 11, 2026, with more than 80% of 1st Colonial’s outstanding common shares represented at the vote.
Regulatory approval for the transaction had already been obtained by both banks by February 6, 2026, allowing the deal to move forward pending Mid Penn’s shareholder approval. The parties plan to close the merger in the first quarter of 2026.
The transaction is valued at approximately $101 million in cash and stock and will combine the banks into a single entity with about $7.2 billion in assets and more than 65 branches. The combined balance sheet will provide a broader geographic footprint, extending Mid Penn’s presence into the Greater Philadelphia area and adding 1st Colonial’s network in New Jersey and Pennsylvania.
The merger is expected to create scale, diversify revenue streams, and enhance Mid Penn’s competitive position in the regional banking market. The expanded footprint will allow the combined bank to offer a wider range of products and services to customers while benefiting from cost synergies and a stronger capital base.
Prior to the merger, Mid Penn reported a net margin of 25.27% and a debt‑to‑equity ratio of 0.07, reflecting a lean balance sheet and strong profitability. 1st Colonial posted net income of $2.2 million in Q4 2025, down from $2.7 million in Q4 2024, but core net income rose to $3.1 million, indicating resilience in its core operations. Both banks have maintained solid net interest income growth, supporting the outlook for the combined entity.
Mid Penn Chair, President and CEO Rory G. Ritrievi said, "The level of support for this transaction was tremendous." He added, "We are pleased to have received regulatory approval for our merger with 1st Colonial. With this approval, we can turn our focus to completing the merger and preparing for a seamless integration that supports our customers, communities, and shareholders." 1st Colonial President and CEO Robert White said, "I am pleased that our shareholders overwhelmingly support this merger, which will enable us to provide greater support and service to the customers and communities we proudly serve. This result reflects the dedication and unwavering commitment of the 1st Colonial team in delivering exceptional results for its shareholders." He also added, "We are thrilled to be joining forces with Mid Penn, a recognized regional banking leader. 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."
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