Mid Penn Bank to Purchase Omega Bank Offices in Dauphin County; Mid Penn Bank to Serve Dauphin County with Two Additional Locat
01 Août 2006 - 3:53PM
Business Wire
Mid Penn Bancorp, Inc. (AMEX:MBP), parent company of Mid Penn Bank,
announced today that it has reached an agreement to purchase two
Dauphin County branches of Omega Bank located at 51 South Front
Street in Steelton and 1100 Spring Garden Drive in Middletown for
an undisclosed amount. This acquisition includes approximately $32
million in deposits and $28 million in loans and is expected to be
accretive to earnings in 2007. Completion of the sale is subject to
various regulatory approvals and is expected to close during the
fourth quarter of 2006. "We are very excited about the opportunity
to serve customers in the Steelton and Middletown markets," said
Alan W. Dakey, Chairman, President, and Chief Executive Officer of
Mid Penn Bancorp, Inc. and Mid Penn Bank. "Steelton and Middletown
are an excellent geographic fit for Mid Penn and expanding our
presence in Dauphin County. 'The New Steelton' is a dynamic plan to
redevelop the downtown area, and we are excited about the
opportunity to participate in the revitalization effort by having a
new office in the heart of Steelton. The Middletown Office allows
us to expand further south into a market with attractive growth
characteristics. As a local community bank, we have quality
products and services to offer area businesses and residents with
the added benefit of local decision-making." Dakey added, "By
expanding the Dauphin County market with two additional offices, we
hope residents will recognize we are truly committed to serving
their financial needs." Customers of the offices will be receiving
more information from Mid Penn Bank and Omega Bank. "We will be
communicating with customers throughout the conversion to Mid Penn
Bank and will strive to make the transition seamless to customers,"
Dakey further commented. In addition, all branch employees will be
retained, and there will be no loss of employment as a result of
this change. Mid Penn Bank has been an independently owned
community bank since 1868 and is committed to remaining a
progressive, independent community bank offering a full line of
business, personal and trust services. Mid Penn Bancorp, with
assets totaling $457 million, currently operates twelve offices in
Dauphin, Northumberland, Schuylkill, and Cumberland Counties. For
more information, visit Mid Penn's website at www.midpennbank.com
and view the Investor Relations page where comprehensive
information is available. This press release may contain
forward-looking information as defined in the Private Securities
Litigation Reform Act of 1995. Actual results and trends could
differ materially from those set forth in such statements due to
various factors. Such factors include the possibility that
increased demand or prices for financial services and products may
not occur, changing economic and competitive conditions,
technological developments, and other risks and uncertainties,
including those detailed in Mid Penn Bancorp's filings with the
Securities and Exchange Commission.
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