First Priority Bank acquisition complete
Malvern-based firm now part of Mid Penn Bank
MILLERSBURG » Mid Penn Bancorp Inc. announced Wednesday that its acquisition of First Priority Financial Corp. was completed after the close of business Tuesday, July 31.
As a result of the holding company merger, First Priority’s banking subsidiary — First Priority Bank — is now operating as “First Priority Bank, a Division of Mid Penn Bank.”
The all-stock transaction, announced in January, was valued at approximately $82 million and expands Mid Penn’s footprint into southeastern Pennsylvania, including Berks, Bucks, Chester and Montgomery counties.
“We are pleased to welcome First Priority customers, shareholders and employees to Mid Penn Bank,” Rory G. Ritrievi, Mid Penn president and CEO said Wednesday. He added that as the company introduces the Mid Penn brand of community banking to the region, “we are very focused on ensuring this transition is positive for all stakeholders.”
First Priority Bank’s website on Wednesday featured the new logo and company name, along with a message to customers. Additional
communications with customers are underway, including a letter from Ritrievi.
“They will also receive written communication in regard to the systems conversion we are performing in October,” Ritrievi said in an emailed response to questions. “From the standpoint of products, services and conveniences, we feel this is going to be a very positive change for First Priority customers.”
Ritrievi added that staff is available to answer customer questions as the transition continues, “and our goal is to eliminate any uncertainties customers may feel during this period.”
As a result of the merger,
Mid Penn now operates a total of 37 retail locations in Pennsylvania. The consolidated assets of the combined company are valued at approximately $2 billion.
Wednesday’s announcement followed approvals last week during special shareholders meetings for
both companies.
According to Ritrievi, of the total number of votes received during the meetings, more than 99 percent of First Priority shares voted in favor of the merger and more than 98 percent of Mid Penn shares voted in favor of the merger. Those
meetings were held on July 24 (First Priority) and July 25 (Mid Penn).
“We are thrilled with the level of support for this transaction,” Ritrievi said last week following the meetings.
Plans for the acquisition were announced in January — a deal unanimously approved by both companies’ boards of directors. In May, the companies announced they had received all required approvals from regulatory agencies.
Headquartered in Malvern, First Priority operates seven locations in Chester, Berks, Montgomery and Bucks counties. There are no planned branch closings.
Ritrievi said 52 of First Priority’s 74 employees will continue on with the combined company.
“Our goal during any merger is to retain employees who we feel will play a strong role in the bank’s ongoing success and mesh well with our culture,” Ritrievi said. “First Priority has many talented, well-respected team members who will be an asset to our organization.”
Among the staff that will stay is David E. Sparks, who had served as First Priority Chairman and CEO. He will serve as Chief Strategic Advisor to Ritrievi in the combined company.
Mid Penn Bancorp Inc., founded in 1868, is headquartered in Millersburg. Mid Penn’s footprint in Pennsylvania includes Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill and Westmoreland counties.