Mid Penn Bancorp, Inc. Signs Definitive Agreement to Acquire Riverview Financial Corporation
Posted: 06/30/2021 |
MILLERSBURG, Pa. and HARRISBURG, Pa., June 30, 2021 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ:MPB), headquartered in Millersburg, Pennsylvania, and Riverview Financial Corporation (“Riverview”) (NASDAQ:RIVE), headquartered in Harrisburg, Pennsylvania, today jointly announced the signing of a definitive merger agreement pursuant to which Mid Penn will acquire Riverview in an all-stock transaction valued at approximately $124.7 million (based upon Mid Penn’s closing stock price of $27.47 for the trading day ending June 29, 2021).
The merger, unanimously approved by both boards of directors, will enhance Mid Penn’s footprint throughout central Pennsylvania. In addition to providing entry into the growing Lehigh Valley and State College markets, the combination also provides access to attractive core deposit funding markets including the Clearfield and Altoona geographies in western Pennsylvania. The transaction creates a combined community banking franchise with approximately $4.8 billion in assets, $3.7 billion in deposits and $3.7 billion in loans. Following the transaction, Mid Penn will be the sixth largest Pennsylvania headquartered bank under $10 billion and will retain its standing as the top-ranked community bank by deposit market share in the Harrisburg MSA.