Mid Penn Bancorp Appoints Don Holt as Interim Chief Financial Officer

Rhea-AI Summary

Mid Penn Bancorp (NASDAQ: MPB) appointed Donald F. Holt as Interim Chief Financial Officer. Reporting to President and CEO Rory Ritrievi, Holt will manage accounting, finance, and treasury functions. He brings over 25 years of financial services experience, previously serving as CFO at Community Banks, Inc. Holt will oversee the investment committee and regulatory reporting during the search for a permanent CFO. MPB, headquartered in Millersburg, Pennsylvania, operates 36 retail locations with assets exceeding $3 billion.

Positive

• Appointment of experienced Donald Holt as Interim CFO could provide stability and continuity.
• Holt brings extensive merger and acquisition experience, which may benefit Mid Penn's strategic initiatives.

Negative

• Interim status of CFO might raise concerns about leadership continuity.

MILLERSBURG, Pa., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (NASDAQ: MPB) and its wholly-owned subsidiary Mid Penn Bank (Bank), have announced the appointment of Donald F. Holt as Interim Chief Financial Officer of MPB and the Bank.   

In his interim role as CFO, Mr. Holt will report to Rory Ritrievi, President and CEO, and will lead the accounting, finance, and treasury functions. He will also oversee the investment committee, manage the ALCO and interest rate risk management processes and will be responsible for the regulatory reporting process with banking and securities agencies.

Mr. Holt is an industry veteran and bank executive with more than 25 years of financial services experience and most recently served as CFO of Community Banks, Inc. and Keystone Financial, Inc. Prior to that, he was a manager in public accounting firm Ernst & Young.

“Having known Don for a few decades, he was the first candidate I thought of when we began our search for an interim,” said Mid Penn Bank President and CEO Rory G. Ritrievi. “His broad merger and acquisition experience combined with his deep accounting and regulatory knowledge make Don the perfect interim step for our company as we conduct a thorough and thoughtful search for a permanent CFO. I’m thrilled that he has come out of retirement to work with us, and I know he will have a positive impact during his time here.”

Mr. Holt holds an accounting degree from Franklin & Marshall College and retains the CPA designation. Mr. Holt has four children and resides with his wife in Mechanicsburg, Pennsylvania.

About Mid Penn Bank.

Mid Penn Bancorp Inc. (NASDAQ: MPB), headquartered in Millersburg, Pennsylvania, has been serving the community since 1868. Mid Penn has 36 retail locations in the state of Pennsylvania and total assets of more than $3 billion. Its footprint includes Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill and Westmoreland counties. The bank offers a comprehensive portfolio of products and services to meet the banking needs of the communities it serves. To learn more about Mid Penn Bank, visit www.midpennbank.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eafb46a1-828e-49af-afdb-93a9df3b52e6

FAQ

Who is the new Interim CFO of Mid Penn Bancorp?

Donald F. Holt has been appointed as the Interim Chief Financial Officer of Mid Penn Bancorp.

What is Donald Holt's experience?

Donald Holt has over 25 years of experience in financial services, previously serving as CFO of Community Banks, Inc.

Why was an Interim CFO appointed at Mid Penn Bancorp?

An Interim CFO was appointed as part of a thorough search for a permanent CFO, ensuring leadership while maintaining financial operations.

What are Donald Holt's responsibilities as Interim CFO?

Holt will lead accounting, finance, treasury functions, oversee the investment committee, and manage regulatory reporting.

How many locations does Mid Penn Bank have?

Mid Penn Bank operates 36 retail locations across Pennsylvania.