Harrisburg, Pennsylvania headquartered Mid Penn Bancorp Inc was in the news yesterday after it made a joint statement with Brunswick Bancorp (OTCMKTS:BRBW) with regards to a definitive merger agreement. It was a major new announcement from Mid Penn and it is going to be interesting to see if it leads to any move on its stock over the coming days or not.
Trading Data
On Tuesday, BRBW stock ended flat at $16.45 with 65 shares, compared to volume of 417 shares. The stock moved within a range of $16.45 – 16.45 after opening trade at $16.45.
Mid Penn Bancorp, Inc. Signs Definitive Agreement to Acquire Brunswick Bancorp
As per the provisions of the agreement signed between the two parties, Mid Penn is going to acquire Brunswick Bancorp in a cash and stock deal, valued at around $53.9 million. The value of the transaction had been predicated on the closing price of Mid Penn stock at the end of the trading day on December 19, 2022.
It was a major new development for Mid Penn since the merger is going to expand its foot print into the potentially lucrative New Jersey market. As of September 30, 2022, Brunswick Bancorp boasted of assets to the tune of $381.6 million to go along with $302.5 million in gross loans and $279.8 million in the form of deposits. The bank had been established back in 1902. It may be a good idea for investors to keep an eye on the Mid Penn stock today.
