Welcome to our dedicated page for Mid Penn Bancorp news (Ticker: MPB), a resource for investors and traders seeking the latest updates and insights on Mid Penn Bancorp stock.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) is a well-established financial institution headquartered in Millersburg, Pennsylvania, with a rich history dating back to 1868. As the parent company of Mid Penn Bank, it has been a cornerstone of financial services in central Pennsylvania, serving communities with dedication and integrity.
With a wide network of retail locations, Mid Penn Bank operates across Cumberland, Dauphin, Lancaster, Luzerne, Northumberland, and Schuylkill counties. The bank offers a comprehensive suite of financial products and services designed to meet the diverse needs of individuals, businesses, and governmental entities.
Key Services:
- Deposit Products: Mid Penn Bank provides a variety of deposit accounts, including savings, checking, money market accounts, and certificates of deposit.
- Loan Services: The bank offers mortgage loans, home equity loans, commercial loans, lines of credit, and construction financing.
- Consumer Loans: Both secured and unsecured loans are available to meet personal financial needs.
- Cash Management: A range of cash management services is tailored for businesses to efficiently manage their cash flow.
Mid Penn Bancorp also engages in trust business, providing fiduciary services and estate planning to help customers secure their financial future. As a community-focused bank, Mid Penn Bank is a proud supporter of various nonprofit organizations, contributing to the social and economic development of the central Pennsylvania region.
Recent Achievements:
- Mid Penn Bancorp has reported solid financial performance, with significant growth in non-PPP core banking loans and an impressive return on average tangible common equity.
- The company's efficiency ratio highlights its commitment to operational effectiveness.
- Adjusted earnings per common share have shown positive trends, excluding non-recurring expenses, indicating financial stability and growth.
For the latest news and updates on Mid Penn Bancorp, including detailed financial highlights and unaudited consolidated statements of income, visit their website at midpennbank.com.
On November 18, 2021, shareholders of Mid Penn Bancorp (MPB) and Riverview Financial Corporation (RIVE) overwhelmingly approved the acquisition of Riverview by Mid Penn. Over 98% of shares from both companies voted in favor of the merger. The transaction will enhance Mid Penn’s market presence, particularly in the Lehigh Valley and State College areas. Following the merger, Mid Penn is expected to have pro forma assets of approximately $4.7 billion. The deal is anticipated to close on November 30, 2021, pending satisfaction of closing conditions.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) and Riverview Financial Corporation (NASDAQ: RIVE) have received regulatory approvals for their proposed merger, anticipated to close in Q4 2021, pending shareholder agreement. This merger is projected to enhance Mid Penn's market presence, particularly in the Lehigh Valley and State College regions, increasing total assets to approximately $4.7 billion post-merger. Mid Penn aims to extend its footprint and improve shareholder value, as stated by its CEO, Rory G. Ritrievi.
Mid Penn Bancorp, Inc. (NASDAQ: MPB) reported a net income of $9,787,000 or $0.86 per share for Q3 2021, a 49% increase from $6,547,000 or $0.78 per share in Q3 2020. For the first nine months of 2021, earnings rose 67% to $28,712,000, or $2.85 per share. Total assets grew by 15% to $3.45 billion. The bank's tangible book value increased to $24.75 per share, up from $22.39 at the end of 2020. A dividend of $0.20 per share was declared for Q3. The successful participation in the PPP program aided earnings, generating $17.5 million in processing fees.
Mid Penn Bancorp (NASDAQ: MPB) has announced a $125,000 donation to the Pennsylvania Breast Cancer Coalition (PBCC), generated through the sixth annual Mid Penn Bank Celebrity Golf Classic held from July 13-15, 2021. The event, attended by 190 golfers, featured celebrities such as Ron Jaworski and Mike Vick, contributing to a total of over $575,000 donated since the event's inception. The PBCC's mission focuses on increasing funding for breast cancer research and support services. Mid Penn Bank remains committed to charitable giving and community support.
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.
Mid Penn Bank has promoted Joan Dickinson to Chief Retail Officer, overseeing retail operations across 36 branches and cash management programs. Dickinson, who joined the bank in 2013, brings over 30 years of experience in business development and retail strategy. She previously served as Chief of Staff and Regional President, significantly enhancing the bank's market presence. This strategic appointment aims to improve retail delivery channels and capitalize on customer insights, as stated by CEO Rory G. Ritrievi.
Mid Penn Bancorp reported a net income of $9.61 million, or $0.93 per common share, for Q2 2021, up from $6.83 million, or $0.81 per share in Q2 2020, marking a 15% increase year-over-year. For the first half, earnings rose 60% to $18.93 million, or $2.02 per share. Total assets increased by over 15% to $3.46 billion, driven by a $391.83 million participation in the Paycheck Protection Program (PPP). Noninterest income surged 56% to $5.65 million, while noninterest expenses grew by 26%. Additionally, a merger with Riverview Financial Corporation was announced, pending regulatory approval.
Mid Penn Bancorp has announced a merger with Riverview Financial Corporation in an all-stock deal valued at $124.7 million. This strategic agreement will create a robust community bank in Pennsylvania with approximately $4.8 billion in assets. The merger aims to expand Mid Penn's presence in key markets, including Lehigh Valley and State College, enhancing its lending capabilities and deposit base. The transaction is expected to close in Q4 2021, subject to regulatory and shareholder approvals.
Mid Penn Bancorp (NASDAQ: MPB) announced it has approved over $370 million in loans for small businesses through the 2021 Paycheck Protection Program (PPP), aiding more than 3,300 businesses and retaining over 34,000 jobs. The Bank utilized experience from the previous PPP round to facilitate efficient applications, contributing to a total of over $1.0 billion in loans since both PPP programs began. Mid Penn Bank continues to enhance local economies by expediting critical funding.
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