Mid Penn Bank receives regulatory approval to open Orwigsburg branch
Mid Penn Bank, subsidiary of Mid Penn Bancorp, Inc. (NASDAQ: MPB), has received approval from the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation to open a retail branch at 1021 Centre Turnpike in Orwigsburg.
The office will open as Miners Bank, a division of Mid Penn Bank, in early June of 2017.
“We look forward to expanding the Miners Bank branch network with our new office in Orwigsburg,” said Mid Penn Bank President and CEO Rory G. Ritrievi. “The communities of Schuylkill County have continued to embrace us, and we feel strongly that the residents, businesses and organizations of Orwigsburg can greatly benefit from our style of community banking. Our Schuylkill County team, including area banking veterans Mark Ketch and Karen Kenderdine, understands our customers’ needs and delivers the local service and expertise they deserve.”
It is anticipated that the Orwigsburg location will employ three to five team members to fulfill personal banking, business banking and lending needs.
Mid Penn currently has 21 branches serving Cumberland, Dauphin, Lancaster, Luzerne, Northumberland and Schuylkill counties. In addition to the new branch in Orwigsburg, the bank has plans to open a branch in New Holland, Lancaster County, on May 1 and to begin developing and constructing a branch in Halifax, Dauphin County, in 2017 (pending township and regulatory approvals). Mid Penn is also party to a merger agreement with The Scottdale Bank & Trust Company, which operates five branches in western Pennsylvania.
About Mid Penn Bancorp, Inc.
Mid Penn Bancorp, Inc. (NASDAQ: MPB), through its banking subsidiary, Mid Penn Bank, has been serving Central Pennsylvania since 1868. Headquartered in Millersburg, Pa., Mid Penn Bank has 21 retail locations in Cumberland, Dauphin, Lancaster, Luzerne, Northumberland and Schuylkill Counties. The bank offers a diverse portfolio of products and services to meet the personal and business banking needs of the community. To learn more about Mid Penn Bank, visit midpennbank.com.
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s current views and expectations about new and existing programs and products, relationships, opportunities, technology, regulatory approvals and market conditions. These statements may be identified by such forward-looking terminology as “continues,” “expect,” “look,” “believe,” “anticipate,” “may,” “will,” “should,” “projects,” “strategy” or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn’s portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank’s future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements. For a list of other factors which would affect our results, see Mid Penn’s filings with the SEC, including those risk factors identified in the “Risk Factor” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn assumes no obligation for updating any such forward-looking statements at any time, except as required by law.