Shareholders from both Mid Penn and Phoenix approved the transaction December 23, 2014. Mid Penn intends to close the transaction on March 1, 2015.
Following completion of the merger of Mid Penn and Phoenix, Phoenix’s subsidiary bank, Miners Bank, will be merged into and become part of Mid Penn’s subsidiary bank, Mid Penn Bank, and will operate as "Miners Bank, a Division of Mid Penn Bank."
"We continue to focus on making this merger a success by creating an even better banking experience for customers, providing shareholders with a meaningful return on their investment and expanding our community involvement," said Mid Penn President and CEO Rory G. Ritrievi. "Combining the strengths of both Mid Penn and Miners will assist in our continued growth while still providing local and personal service to our communities."
The transaction will add four branches to Mid Penn’s network and will expand the bank’s footprint to include Schuylkill and Luzerne Counties. On a pro forma basis, the consolidated assets of the combined company will be approximately $875 million.
Keefe, Bruyette & Woods, Inc., acted as financial advisor to Mid Penn, and Stevens and Lee, P.C., acted as its legal advisor in the transaction. Griffin Financial Group, LLC, acted as financial advisor to Phoenix, and Bybel Rutledge LLP, acted as its legal advisor.
