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Mid Penn underwrites public offering of 2.99 million shares of common stock

Paula Wolf, Contributing Writer//May 11, 2021

Mid Penn underwrites public offering of 2.99 million shares of common stock

Paula Wolf, Contributing Writer//May 11, 2021

Mid Penn Bancorp Inc., the parent company of Mid Penn Bank, announced that it has completed its underwritten public offering of 2.99 million shares of common stock at a price of $25 per share, before underwriting discounts.

The aggregate gross proceeds were $74.75 million, with the net expected to be $70.2 million after deducting the underwriting discount and other expenses related to the offering, a release said.

Mid Penn intends to use the money to increase its capital structure, to fund growth and for working capital and other general corporate purposes. The company may also use a portion for future acquisitions, although Mid Penn has no current commitments or agreements in that area, according to the release.

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

Mid Penn Bancorp, headquartered in Millersburg, Dauphin County, has assets of approximately $3 billion. Its footprint includes Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill and Westmoreland counties.

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