Mid Penn Bancorp in Millersburg, Pa., has agreed to buy Phoenix Bancorp in Minersville, Pa.
The $736 million-asset Mid Penn will pay $14.5 million in cash and stock, or $50.86 a share, for the $141 million-asset Phoenix. The deal, valued at roughly 110% of the seller's diluted tangible book value, is expected to close in the first quarter.
" By sharing resources and expanding our footprint, we will become stronger and better positioned for continued growth," Rory Ritrievi, Mid Penn's president and chief executive, said in a press release Wednesday.
Three directors at Phoenix, including Chairman Vincent Land, are expected to join Mid Penn's board.
Keefe, Bruyette & Woods and Stevens and Lee advised Mid Penn. Griffin Financial Group and Bybel Rutledge advised Phoenix.