Mid Penn Bancorp Completes Underwritten Public Offering, Raises $70 Million in Gross Proceeds

Mid Penn Bancorp, Inc., a financial services company based in Pennsylvania, recently concluded its underwritten public offering of 2,375,000 shares of common stock at $29.50 per share. The offering raised $70 million in aggregate gross proceeds. After factoring in the underwriting discount and other estimated offering expenses, the net proceeds are anticipated to be around $67 million.

Stephens Inc. and Piper Sandler & Co., acting as the underwriters, have exercised their option to purchase an additional 356,250 shares of the company’s common stock at $28.025 per share, in full at the public offering price less underwriting discounts and commissions. The closing date for this additional purchase was set for November 5, 2024.

Mid Penn Bancorp disclosed in a press release that the proceeds from the offering, net of expenses, will be directed towards supporting the company’s growth initiatives, including investments in Mid Penn Bank to facilitate organic growth, potential redemption of subordinated debt, future strategic transactions, and general corporate purposes.

Stephens Inc. served as the lead book-running manager for the offering, while Piper Sandler & Co. was the joint book-running manager. Mid Penn was represented by Pillar + Aught, and Holland & Knight LLP represented the underwriters.

For those seeking further details or wishing to obtain the necessary documentation, copies of the effective shelf registration statement, preliminary and final prospectus supplements can be acquired by contacting Stephens Inc. or Piper Sandler & Co.

This announcement made by Mid Penn Bancorp is solely for informational purposes and should not be considered an offer to sell or a solicitation to buy any securities of the company. Any such transactions are facilitated only through a prospectus supplement and related base prospectus, ensuring compliance with securities laws.

About Mid Penn Bancorp, Inc.
Mid Penn Bancorp Inc. (NASDAQ: MPB) is the parent company of Mid Penn Bank, a commercial bank with 45 retail locations across Pennsylvania and central New Jersey. With total assets of approximately $5 billion, Mid Penn Bank offers a wide range of financial products and services to the communities it serves.

Safe Harbor Language
This press release contains forward-looking statements within the meaning of federal securities laws. Investors should carefully review the risks outlined in the Company’s SEC filings, considering factors that could affect future performance and business operations.

Investors are encouraged to check the Company’s website and SEC filings for updates on forward-looking statements as the Company disclaims any obligation to revise or update such statements except as required by law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mid Penn Bancorp’s 8K filing here.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and individual retirement accounts.