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HARRISBURG, Pa. - Mid Penn Bancorp, Inc. (NASDAQ:MPB), a financial institution with a market capitalization of $679 million and currently rated as fairly valued according to InvestingPro analysis, announced Thursday it has entered into an agreement to acquire Sarasota, Florida-based Cumberland Advisors, a deal expected to add approximately $3.3 billion in assets under management to the bank.
The transaction is anticipated to close in the fourth quarter of 2025, subject to customary closing conditions, according to a company press release. Financial terms of the acquisition were not disclosed.
Cumberland Advisors, a Registered Investment Advisory firm founded in 1973, has recorded year-to-date annualized revenue of $9.0 million as of June 30, 2025. The firm provides fee-for-service investment management to advisors, individuals, and institutional investors nationwide and internationally.
Mid Penn expects the acquisition to be earnings-accretive immediately upon closing. The bank, which has maintained consistent dividend payments for 15 consecutive years and currently offers a 2.66% dividend yield, anticipates further strengthening its financial position through this acquisition. Following completion of the deal, Cumberland’s leadership and team members will join Mid Penn. InvestingPro data reveals the bank has demonstrated solid performance with a 13.34% revenue growth in the last twelve months.
"This partnership strengthens our ability to serve customers with deep expertise, shared values, and commitment to excellence," said Mid Penn Chair, President and CEO Rory G. Ritrievi.
Mark J. Myers, CEO of Cumberland Advisors, said the firm was "honored to join forces with such a well-regarded financial institution."
Mid Penn Bancorp, headquartered in Harrisburg, Pennsylvania, operates 59 retail locations throughout Pennsylvania and central and southern New Jersey with total assets of approximately $6 billion. The bank maintains a healthy P/E ratio of 12.65 and has demonstrated strong returns over the past five years. For additional insights and metrics about Mid Penn’s performance, investors can access more than 30 exclusive financial indicators through InvestingPro.
Stephens Inc. is serving as Mid Penn’s financial advisor for the transaction, with Pillar + Aught as legal advisor. Williams Parker is serving as Cumberland’s legal counsel.
In other recent news, Mid Penn Bancorp announced it will acquire 1st Colonial Bancorp in a transaction valued at approximately $101 million. This deal, which has received unanimous approval from both companies’ boards, will involve a combination of cash and stock. Mid Penn Bancorp aims to expand its presence in the greater Philadelphia metropolitan area through this acquisition. Keefe, Bruyette & Woods (KBW) reiterated its Outperform rating for Mid Penn Bancorp, setting a price target of $34.00. KBW expressed confidence in the company’s management to handle the integration of this acquisition alongside the recent WMPN acquisition. Additionally, Mid Penn Bancorp reported updates to executive compensation arrangements, including changes to the supplemental executive retirement plan agreements for three executives. These updates set the annual normal retirement benefit for each executive at $125,000, with specific increases outlined for two of the executives. The vesting schedule for these agreements remains unchanged.
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