Mid Penn Bank completes $43.7M acquisition of Brunswick Bank

Matthew Fazelpoor//May 24, 2023

Matthew Fazelpoor//May 24, 2023

Mid Penn Bank announced this week that its acquisition of Brunswick Bank is complete.

The deal took effect at the close of business May 19 with Brunswick Bank & Trust Co. merged into Mid Penn Bank.

The combined stock and cash transaction was valued at $43.7 million. It extends Harrisburg, Pa.-based Mid Penn’s footprint into Middlesex and Monmouth counties in New Jersey.

The consolidated assets of the combined new company are valued at nearly $5 billion.

On Mid Penn’s end, Piper Sandler & Co. served as a financial advisor while Pillar & Aught LLC served as a legal adviser and Stephens Inc. rendered a fairness opening to Mid Penn’s board of directors.

On Brunswick’s side, Janney Montgomery Scott LLC served as financial advisor and rendered a fairness opinion to the board of directors while Windels Marx Lane & Mittendorf LLP served as its legal advisor.

In a press release, Mid Penn President and CEO Rory Ritrievi said the institution is pleased to welcome Brunswick customers, employees and shareholders.

“As we introduce the Mid Penn brand of community banking into attractive new markets in New Jersey, we are committed to making this combination a positive one for all involved,” said Ritrievi. “We believe our commitment to offering the best products and services, delivered by the best financial professionals, will be appreciated by customers and the local communities at large.”