Mid Penn Bancorp completed its merger with The Scottdale Bank & Trust Company, with Scottdale now merged with and into Mid Penn’s subsidiary, Mid Penn Bank, and operating as Scottdale Bank & Trust, a Division of Mid Penn Bank.
The transaction was valued at approximately $59.1 million and expands Mid Penn’s footprint into western Pennsylvania, including Westmoreland and Fayette counties. As a result of the merger, Mid Penn now operates a total of 29 retail locations, with consolidated assets of the combined company valued at approximately $1.4 billion as of September 30, 2017.
“It is truly an honor and a privilege to welcome Scottdale Bank & Trust customers and employees,” said Mid Penn Bank President and CEO Rory G. Ritrievi. “We look forward to providing customers with new products, services and conveniences while enhancing our community involvement in western Pennsylvania.”
Sandler O’Neill + Partners acted as financial advisor and Stevens & Lee acted as legal advisor to Mid Penn in the transaction. Ambassador Financial Group acted as financial advisor and Tucker Arensberg acted as legal advisor to Scottdale.
