Harrisburg, Pennsylvania-based Mid Penn Bancorp has agreed to buy Brunswick Bancorp of New Brunswick for $53.9 million in cash and stock, expanding its reach into central New Jersey.
Mid Penn will gain five financial centers by acquiring the New Brunswick-based company: four in Middlesex County and one in Monmouth County.
Under Mid Penn’s ownership, Brunswick customers will have access to an expanded product and services offerings, with the strength and enhanced lending capabilities afforded by Mid Penn’s larger balance sheet.
Founded in 1902, Brunswick had $381.6 million in assets, $279.8 million in deposits and $302.5 million in gross loans as of Sept. 30. The transaction creates a combined community banking franchise with approximately $5 billion in assets, $4.2 billion in deposits and $3.8 billion in gross loans.
“We are enthusiastic to partner with Brunswick as our first formal step into the dynamic central New Jersey community,” Mid Penn Chair, CEO and President Rory Ritrievi said. “Brunswick, under the direction of Executive Chair Frank Gumina, President and CEO Nick Frungillo Jr. and their strong staff of professionals, has built a solid reputation as a dependable bank for the numerous businesses and consumers in the communities they serve.”
“Mid Penn is an excellent cultural fit for Brunswick, and the opportunity to join a like-minded, top-tier community bank is one that will provide both organizations with significant growth potential,” Frungillo said. “Together, we will continue to provide our clients with valuable opportunities via higher lending limits and a sophisticated technology platform. We are pleased to continue providing service to our valued customers and to the communities in which we live, alongside Rory and his team.”
Stephens Inc. served as financial adviser to Mid Penn in connection with the transaction and Piper Sandler & Co. rendered a fairness opinion to Mid Penn’s board of directors. Pillar+Aught served as legal adviser to Mid Penn in the transaction. Janney Montgomery Scott LLC served as financial adviser to Brunswick in connection with the transaction and rendered a fairness opinion to the Brunswick board of directors. Windels Marx Lane & Mittendorf LLP served as legal adviser to Brunswick.
