Two Pennsylvania banks approved for merger

Two Pennsylvania companies, Mid Penn Bancorp, Inc., the parent company of Mid Penn Bank, and 1st Colonial Bancorp, Inc., the parent company of 1st Colonial Community Bank, received all the required regulatory approvals to merge.

As part of the merger, Mid Penn will acquire 1st Colonial in a cash and stock transaction valued at an estimated $101 million. Pending 1st Colonial shareholder approval ,the companies said they intend to close on the deal in the first quarter of 2026. Once the merger is complete, 1st Colonial will be merged into Mid Penn Bank.

“We are pleased to have received regulatory approval for our merger with 1st Colonial,” Mid Penn Chair, president and CEO Rory G. Ritrievi, said. “With this approval, we can turn our focus to completing the merger and preparing for a seamless integration that supports our customers, communities, and shareholders.”

The merger will extend Mid Penn’s footprint into the greater Philadelphia metropolitan area and will expand its presence into southeastern Pennsylvania and southern New Jersey, officials said. Upon the completion of the merger, Mid Penn is expected to have an estimated $7.5 billion in assets as of March 31, 2026.

Headquartered in Harrisburg, Mid Penn is a full-service commercial bank with 59 retail locations throughout Pennsylvania and central and southern New Jersey. 1st Colonial Bancorp, Inc., is a Pennsylvania corporation headquartered in Mount Laurel, N.J., and the parent company of 1st Colonial Bank which provides a range of business and consumer financial services. The bank is headquartered in Collingswood, N.J., with branches in Westville, N.J., and Limerick, Pa.