08:32 AM EDT, 11/01/2024 (MT Newswires) -- Mid Penn Bancorp ( MPB ) said Friday it has priced its public offering of about 2.4 million common shares at $29.50 per share for a total of $70 million.

The underwriters have been given a 30-day option to buy up to an additional 356,250 common shares at the public offering price, less underwriting discounts, the company said.

Assuming no exercise of this overallotment option, the company said it expects net proceeds of about $67 million from the offering.

The company said it plans to use the net proceeds to support investments in its Mid Penn Bank unit and for potential redemption of debt, future strategic transactions and general corporate purposes.