04:38 PM EDT, 09/24/2025 (MT Newswires) -- Mid Penn Bancorp ( MPB ) agreed to acquire 1st Colonial Bancorp in a cash-and-stock deal valued at about $101 million, the companies said late Wednesday.

1st Colonial had about $877 million in total assets, $743 million in total deposits and $640 million in total loans as of June 30, according to a statement.

The boards of both companies unanimously approved the transaction, which is expected to close in late Q1 or early Q2 of 2026, pending customary approvals.

Under the terms of the deal, 60% of 1st Colonial shares will be converted into Mid Penn common stock and 40% will be exchanged for cash. Shareholders may elect to receive either 0.6945 shares of Mid Penn common stock or $18.50 in cash for each 1st Colonial share, subject to proration, the companies said.