Harrisburg-based Mid Penn Bancorp, the parent company of Mid Penn Bank, a full-service commercial bank, recently announced it entered into an agreement purchase Florida-based Cumberland Advisors, a fee-for-service investment management company.
“We are excited to bring a highly respected team of professionals under the Mid Penn umbrella,” Rory G. Ritrievi, Mid Penn chairman, president and CEO, said. “This partnership strengthens our ability to serve customers with deep expertise, shared values, and commitment to excellence. Together, we are well positioned to accelerate growth of the combined business.”
Mid Penn expects the deal will increase earnings immediately upon closing. The combined company is expected to have approximately $3.3 billion new assets under management.
The transaction is expected to close during the fourth quarter and is subject to customary closing conditions. Once the deal completes, Cumberland’s leadership and employees will join Mid Penn.
Mid Penn Bancorp operates 59 retail locations in Pennsylvania and New Jersey. It offers a portfolio of financial products. Total assets are approximately $6 billion.
Cumberland Advisors serves advisors, individuals, and institutional investors worldwide. It also consults for institutional clients. It has a conservative investment orientation to manage risks and returns, and uses market leading knowledge, analysis, and independent research to advise clients.