Mid Penn Bancorp announced its $43.7 million acquisition of New Brunswick-based Brunswick Bancorp was completed after the close of business on May 19.
In connection with the holding company merger, Brunswick’s banking subsidiary, Brunswick Bank & Trust Co., has been merged with and into Mid Penn’s subsidiary bank, Mid Penn Bank, expanding the company’s presence in central New Jersey.
Mid Penn gains Brunswick Bank & Trust customers in Middlesex and Monmouth counties, according to a statement from the bank. With the merger complete, Mid Penn Bancorp, the parent company of Mid Penn Bank, now has assets of about $5 billion.
“We are pleased to welcome Brunswick customers, employees and shareholders to Mid Penn and Mid Penn Bank,” Mid Penn CEO and President Rory Ritrievi 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 & Co. served as financial adviser to Mid Penn in connection with the transaction, and Stephens Inc. rendered a fairness opinion to Mid Penn’s board of directors. Pillar+Aught LLC 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.