Harrisburg-based Mid Penn Bank is setting its sights on deeper expansion in the Philadelphia region after finalizing its $120 million acquisition of Bristol’s William Penn Bank, writes Jeff Blumenthal for the Philadelphia Business Journal.
The deal strengthens Mid Penn’s presence in the competitive Philadelphia market, adding 12 new branches across Bucks and Philadelphia counties, as well as Camden and Mercer counties in New Jersey. The combined bank now holds $6.3 billion in assets.
Mid Penn CEO Rory Ritrievi said the bank raised $80 million in capital last November to bolster its financial position ahead of the acquisition. That move ensures Mid Penn can support larger loans, deposits, and assets under management — key factors in the metro Philadelphia market.
“You kind of have to right-size your capital to be able to aggressively go into a market like that,” Ritrievi said.
The additional capital will enable Mid Penn to pursue more loans, investments, and potentially new acquisitions. Ritrievi emphasized the bank’s strategy of putting new funds to work to drive revenue growth, noting Mid Penn’s history of completing six mergers in the past decade and achieving 10 percent annual organic growth.
Mid Penn previously entered the Philadelphia market in 2018 with the $82 million acquisition of Malvern’s First Priority Financial. This latest deal nearly doubles the bank’s assets in the region, from $1 billion to $1.8 billion, with a goal of reaching $5 billion.
Learn more about Mid Penn Bank’s growth in the regional market in the Philadelphia Business Journal.
