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Stock Market & Financial Investment News

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December 28, 2012
14:41 EDTMPBMid Penn repurchases entire $10M of preferred stock purchased under TARP
The board of Mid Penn Bancorp announced that it has repurchased and redeemed all of its Series A Preferred Stock that was issued to the U.S. Treasury under the TARP Capital Purchase Program. Mid Penn repurchased the preferred stock for a price equal to the aggregate liquidation amount of $10M, plus accrued but unpaid dividends of $59,722.22. The redemption will eliminate approximately $500,000 in annual preferred dividends Mid Penn has paid on the preferred stock since its issuance. In conjunction with Mid Penn's participation in TARP, in 2008 it issued to the U.S. Treasury a warrant to purchase up to 73,099 shares of common stock. Currently, Mid Penn intends to repurchase this warrant from the U.S. Treasury.
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August 27, 2014
16:15 EDTMPBMid Penn Bancorp, Phoenix Bancorp announce agreement to merge
Mid Penn Bancorp and Phoenix Bancorp announced the signing of a definitive merger agreement which calls for Mid Penn to acquire Phoenix in a transaction valued at approximately $14.5M. The transaction expands Mid Penn's footprint in Schuylkill County and into Luzerne County. On a pro forma basis, the consolidated assets of the combined company will be approximately $875M. Under the terms of the agreement, shareholders of Phoenix common stock will elect to receive either 3.167 shares of Mid Penn common stock, or $51.60 in cash, subject to an aggregate proration of 80% stock and 20% cash. As of the close of business on August 26, the per share acquisition price equaled approximately $50.86, or approximately 110% of Phoenix's fully diluted tangible book value per share at June 30. Phoenix shareholders are anticipated to own approximately 17% of the combined company. Following completion of the merger, Mid Penn expects to remain well-capitalized, and the company expects the transaction will be accretive to EPS. The merger is expected to close in 1Q15.

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