MILLERSBURG, Pa.--(BUSINESS WIRE)--Oct. 6, 2004--Mid Penn Bancorp,
Inc., (AMEX:MBP), the bank holding company of Mid Penn Bank, and
Minersville Safe Deposit Bank and Trust Company, a subsidiary of
privately held Phoenix Bancorp, Inc., announced today that they have
reached a definitive agreement providing for the acquisition by
Minersville of the deposits of the Tremont Office of Mid Penn Bank
located at 7-9 East Main Street, Tremont, PA. Pending regulatory
approvals, the transaction is expected to close on January 28, 2005.
Pursuant to the terms of the agreement, Minersville will acquire the
deposits of the branch and transfer them to its existing branch
located at 29 East Main Street, Tremont. Total deposits of the Mid
Penn Bank Tremont Office are approximately $4.6 million. Terms of the
transaction were not disclosed.
Robert E. Matta, Executive Vice-President and CEO of Minersville
indicated that, "The Minersville Safe Deposit Bank and Trust Company
is extremely delighted to add these additional depositors to our
existing branch and to our organization. The current customers of our
Tremont Office have come to realize that the Minersville Safe Deposit
Bank and Trust Company is a local bank which offers friendly service
in a personal manner. The acquisition furthers our commitment to our
goal of being a leader in local community banking in Schuylkill
County."
According to Alan W. Dakey, President and CEO of Mid Penn, "We are
pleased that the office will be acquired by Minersville Safe Deposit
Bank and Trust Company. We were committed to transferring the
depositors to an institution which shares our dedication to community
banking and support for the communities we serve. We are confident
that Minersville shares that dedication and feel certain the
transaction will be positively received by customers, employees, and
our shareholders."
Mr. Matta further added, "We offer most, if not all of the
products and services which Mid Penn currently offers including
residential and commercial loans, internet banking, bank by phone, and
an ATM network. Moreover, our plans are to add services for the
customers in this area."
Minersville Safe Deposit Bank and Trust Company is a locally owned
state banking institution founded in 1935. With the addition of the
Tremont Office, Minersville will have total assets in excess of $100
million with seven facilities in Schuylkill County. Minersville Safe
Deposit Bank and Trust Company recently announced the construction of
a new main office at its facility located on the
Pottsville-Minersville Highway.
Mid Penn Bancorp, Inc. has total assets in excess of $400 million.
Mid Penn Bank, its wholly-owned subsidiary, with corporate
headquarters in Millersburg, Dauphin County, Pennsylvania, has eleven
offices in Dauphin, Northumberland, Schuylkill, and Cumberland
Counties.
Mid Penn and Minersville will be communicating soon to customers
to explain how their banking relationships will continue to be handled
following the transfer. Mid Penn will close the existing Tremont
Office.
Mr. Matta added, "We will be working together to ensure a smooth
transition over the coming months, and the transaction should be
virtually seamless to Mid Penn customers. Our track record in respect
to the purchase of branches ensures that the customers will receive
our Bank with open arms. The customers are not required to take any
action at this time."
This press release contains forward-looking statements with
respect to the anticipated effects of the transaction. Shareholders
and investors should note that many factors could affect the future
investment performance and financial results of Mid Penn Bancorp, Inc.
and could cause those results to differ materially from those
expressed in the forward-looking statements contained in this press
release.
CONTACT: Mid Penn Bancorp, Inc., Millersburg
Alan W. Dakey, 717-692-2133
or
Minersville Safe Deposit Bank and Trust Company
Robert E. Matta, 570-544-4787
SOURCE: Mid Penn Bancorp, Inc.