Riverview Financial Corporation Archives

The acquisition of Riverview Financial Corp. by Mid Penn Bancorp yesterday expands Mid Penn’s footprint into the Lehigh Valley and State College regions.

Mid Penn, headquartered in Millersburg, Dauphin County, will merge Riverview’s banking subsidiary, Riverview Bank with its subsidiary bank, Mid Penn Bank, according to Globe Newswire. Riverview has a branch in Allentown.

The all-stock transaction was valued at approximately $124.7 million. The consolidated assets of the combined company are valued at approximately $4.7 billion.

“We are pleased to welcome Riverview customers, employees and shareholders to Mid Penn and Mid Penn Bank,” said Rory G. Ritrievi, Mid Penn president and CEO. “As we introduce the Mid Penn brand of community banking throughout the Riverview footprint, we are committed to making this combination a positive one for all involved. We believe our commitment to offering the best products and services, delivered by the best financial professionals, will be appreciated by customers and the communities at large.”

Mid Penn has branches in Berks, Blair, Bucks, Centre, Chester, Clearfield, Cumberland, Dauphin, Fayette, Huntingdon, Lancaster, Lehigh, Luzerne, Lycoming, Montgomery, Northumberland, Perry, Schuylkill and Westmoreland counties.

Piper Sandler & Co. served as financial adviser to Mid Penn in connection with the transaction. Stephens Inc. rendered a fairness opinion to Mid Penn’s board of directors. Pillar+Aught served as legal adviser to Mid Penn in the transaction. Janney Montgomery Scott LLC served as financial adviser to Riverview and rendered a fairness opinion to its board of directors. Luse Gorman, PC, served as legal adviser to Riverview.

Mid Penn Bancorp, Millersburg received regulatory approval to acquire Riverview Financial Corporation, Harrisburg, extending its footprint into the Lehigh Valley and State College regions.

The merger now awaits the approval of shareholders, according to a Mid Penn Bank press release. The parties hope to conclude the merger before the end of the year.

“We are pleased to have received regulatory approval of our merger that supports our growth objectives, complements our franchise, and propels long-term shareholder value,” said Mid Penn President and CEO Rory G. Ritrievi. “Mid Penn and Riverview continue to work collectively towards a fourth-quarter closing of this transaction and are meeting timelines and milestones as expected.”

Mid Penn, on a pro-forma basis following completion of the merger, is projected to have $4.7 billion in assets.

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