In an effort to further expand in the New Jersey market, Mid Penn Bancorp announced last week that it has acquired Mount Laurel-based 1st Colonial Community Bank in a cash and stock transaction valued at approximately $100 million.
The deal, which is expected to close late in the first quarter or early in the second quarter of 2026, will enable Mid Penn to add branch locations in Collingswood and Westville, giving Mid Penn ten locations in South Jersey.
Mid Penn Bank, based in Millersburg, has 44 branches in Pennsylvania.
Mid Penn Bank CEO Rory Ritrievi pointed to the expansion into Philadelphia and Southern New Jersey.
“We are excited to welcome 1st Colonial to Mid Penn, a strategic move to further expand our footprint into the greater Philadelphia metropolitan area, particularly southern New Jersey,” he said. “This merger brings together two institutions with a deep understanding of our customers’ needs, a shared commitment to our communities, and a focus on shareholder return.
“The combined bank will continue the positive impact Mid Penn has made in the greater Philadelphia metropolitan area market, creating a more powerful, resilient, and dynamic financial institution that is better positioned to invest in local businesses, support nonprofits, and help individuals and families achieve their financial goals.”
Under the terms of the deal, 1st Colonial CEO Robert White has entered an agreement with Mid Penn Bank to become the SEVP of Greater Philadelphia Metro Area Market.
The merger agreement breaks down as follows: 60% of 1st Colonial common shares will be converted into Mid Penn common stock while the remaining 40% will be exchanged for cash.
