Mid Penn Bancorp Acquires Cumberland Advisors, Adding $3.3B in Assets

By Tamara Parker • Friday, September 26 06:04 • Permanent Link

Mid Penn Bancorp, Inc. (NASDAQ: MPB) has announced its acquisition of Cumberland Advisors, a Sarasota, FL-based investment advisory firm. Cumberland recorded a year-to-date annualized revenue of $9.0 million as of the quarter ended June 30, 2025. The acquisition is expected to bring approximately $3.3 billion in new assets under management to the combined company.

The transaction is expected to be earnings-accretive immediately upon closing, with the closing anticipated in the fourth quarter of 2025, subject to customary closing conditions. Upon completion of the transaction, Cumberland's leadership and team members will join Mid Penn.

Cumberland Advisors, founded in 1973, is a fee-for-service investment management company with a conservative investment orientation. The firm also consults for institutional clients and prides itself on personalized service and long-lasting relationships.

Mid Penn Bancorp's Chair, President, and CEO, Rory G. Ritrievi, expressed excitement about bringing Cumberland Advisors under the Mid Penn umbrella, strengthening their ability to serve customers with deep expertise and shared values. Mark J. Myers, CEO of Cumberland Advisors, also expressed enthusiasm, stating that the partnership with Mid Penn will offer enhanced opportunities to their client base.

The acquisition process is being advised by Stephens Inc. as Mid Penn’s exclusive financial advisor, with Pillar + Aught serving as its legal advisor. Williams Parker is serving as Cumberland’s legal counsel.

Mid Penn Bancorp Inc., headquartered in Harrisburg, Pennsylvania, is the parent company of Mid Penn Bank, operating 59 retail locations throughout Pennsylvania and central and southern New Jersey, with total assets of approximately $6 billion.

The acquisition represents a strategic move for Mid Penn Bancorp to expand its financial services and assets under management, positioning the combined business for accelerated growth and enhanced investment management services for clients. The market has reacted to these announcements by moving the company's shares -2.69% to a price of $29.29. If you want to know more, read the company's complete 8-K report here.

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