1st Colonial Bancorp, Inc. has received overwhelming shareholder approval for its merger with Mid Penn Bancorp, Inc. at a special meeting held on February 11, 2026. Over 80% of the outstanding shares of 1st Colonial common stock were represented, constituting a quorum, and the merger proposal was adopted and approved by the shareholders. Specifically, 3,993,902 votes were cast in favor of the merger proposal, with only 456 votes against it and no abstentions.
Mid Penn's Chair, President, and CEO, Rory G. Ritrievi, noted that over 99% of 1st Colonial shares voted in favor of the merger proposal, emphasizing the tremendous level of support for the transaction. Meanwhile, 1st Colonial's President and CEO, Robert White, expressed his satisfaction with the overwhelming support from shareholders, highlighting the potential for the merger to enhance support and service for customers and communities.
The merger is expected to further extend Mid Penn's footprint into the greater Philadelphia area market and expand its presence in southeastern Pennsylvania and southern New Jersey. Upon completion of the merger, Mid Penn is projected to have approximately $7.5 billion in assets as of March 31, 2026.
Mid Penn Bancorp, Inc., the parent company of Mid Penn Bank, operates 59 retail locations throughout Pennsylvania and central and southern New Jersey, with total assets of over $6 billion. On the other hand, 1st Colonial Bancorp, Inc., the parent company of 1st Colonial Community Bank, provides a range of business and consumer financial services and is headquartered in Mount Laurel, New Jersey.
The successful shareholder approval marks a significant milestone in the merger process, paving the way for the consolidation of the two financial institutions and the anticipated expansion of Mid Penn's market presence and assets. The market has reacted to these announcements by moving the company's shares 0.12% to a price of $32.44. For the full picture, make sure to review MID PENN BANCORP INC's 8-K report.
