Harrisburg-based Mid Penn Bancorp, the parent company of Mid Penn Bank, recently entered into an agreement to purchase New Jersey-based 1st Colonial Bancorp, the parent company of 1st Colonial Community Bank, for approximately $101 million in cash and stock.
Under the terms of the agreement, 60 percent of 1st Colonial common shares will be converted into Mid Penn common stock. The remaining shares will be exchanged for cash. 1st Colonial shareholders can either receive 0.6945 of a share of Mid Penn common stock or $18.50 in cash for each common share of 1st Colonial they own.
“The combined bank will continue the positive impact Mid Penn has made in the greater Philadelphia metropolitan area market, creating a more powerful, resilient, and dynamic financial institution that is better positioned to invest in local businesses, support nonprofits, and help individuals and families achieve their financial goals,” Rory Ritrievi, Mid Penn Chair, president and CEO, said.
After the deal completes in the first half of 2026, Robert White, 1st Colonial president and CEO, will become Mid Penn Bank senior executive vice president, Greater Philadelphia Metro Area Market president and senior risk advisor. One 1st Colonial board of directors member will join the Mid Penn board of directors.