Mid Penn Bancorp Completes Acquisition of Brunswick Bancorp
MAY 22, 2023 - 7:06 am
Mid Penn Bancorp completed its acquisition of Brunswick Bancorp., with Brunswick’s banking subsidiary, Brunswick Bank & Trust, merging with and into Mid Penn’s subsidiary bank, Mid Penn Bank. The combined stock and cash transaction was valued at approximately $43.7 million and will extend Mid Penn’s footprint into Middlesex and Monmouth counties in central New Jersey. The consolidated assets of the combined company are valued at approximately $5 billion.
“We are pleased to welcome Brunswick customers, employees and shareholders to Mid Penn and Mid Penn Bank,” Rory G. Ritrievi, president and CEO of Mid Penn, said. “As we introduce the Mid Penn brand of community banking into attractive new markets in New Jersey, we are committed to making this combination a positive one for all involved. We believe our commitment to offering the best products and services, delivered by the best financial professionals, will be appreciated by customers and the local communities at large.”
Piper Sandler served as financial advisor to Mid Penn in connection with the transaction and Stephens rendered a fairness opinion to Mid Penn’s board of directors. Pillar+Aught served as legal advisor to Mid Penn in the transaction. Janney Montgomery Scott served as financial advisor to Brunswick in connection with the transaction and rendered a fairness opinion to the Brunswick board of directors. Windels Marx Lane & Mittendorf served as legal advisor to Brunswick.
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