Harrisburg-based Mid Penn Bancorp, the parent company of Mid Penn Bank, recently announced it completed its acquisition of Florida-based Cumberland Advisors, a fee-for-service registered investment advisory firm, on Jan. 1.
“We are excited to welcome the Cumberland Advisors team, customers and shareholders to the Mid Penn family,” Rory Ritrievi, Mid Penn chairman, president and CEO, said. “Cumberland has built a strong reputation for excellence and is the ideal choice to help us continue our legacy of delivering exceptional financial solutions while maintaining a strong commitment to customer care.”
Cumberland will operate as Cumberland Advisors, LLC, a newly formed acquisition subsidiary of Mid Penn. Cumberland’s team of investment advisory professionals have become part of the Mid Penn team.
Cumberland was founded in 1973 and serves advisers, individuals and institutional investors nationally and internationally. Its conservative investment orientation manages both risks as well as returns, and it uses market knowledge, analysis, and independent research to advise its clients.
As of Dec. 31, Cumberland had approximately $3.2 billion in assets under management.
Mid Penn Bank is a full-service commercial bank that operates 59 retail locations in Pennsylvania and central and southern New Jersey. It has assets totaling more than $6 billion, and offers financial products and services.