Mid Penn Bancorp, Inc. Announces Acquisition of Cumberland Advisors
Mid Penn Bancorp, Inc. (NASDAQ: MPB) (“Mid Penn”), parent company of Mid Penn Bank, announced today that it has entered into an agreement to acquire Sarasota, FL-based Cumberland Advisors (“Cumberland”). Cumberland recorded a year-to-date annualized revenue of $9.0 million as of the quarter ended June 30, 2025, and is expected to bring approximately $3.3 billion new assets under management to the combined company. The Company expects the transaction to be earnings-accretive immediately upon closing. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions. Upon completion of the transaction, Cumberland leadership and team members will join Mid Penn.
Cumberland is a Registered Investment Advisory firm headquartered in Sarasota, FL, and has been in business for 52 years. Founded in 1973, the firm is a fee-for-service investment management company serving advisors, individuals, and institutional investors. The firm has a conservative investment orientation to manage both risks as well as returns. Cumberland also consults for institutional clients. With clients nationwide and internationally, Cumberland utilizes market leading knowledge, analysis, and independent research to advise its clients, and prides itself on its personalized service and long-lasting relationships.
“We are excited to bring a highly respected team of professionals under the Mid Penn umbrella,” said Mid Penn Chair, President and CEO Rory G. Ritrievi. “This partnership strengthens our ability to serve customers with deep expertise, shared values, and commitment to excellence. Together, we are well positioned to accelerate growth of the combined business.”
Mark J. Myers, CEO of Cumberland Advisors, said, “We are honored to join forces with such a well-regarded financial institution, and are excited to offer enhanced opportunities to our client base at the combined company. By integrating our teams and industry expertise, we believe we can continue to build upon each company’s track record of success, and we look forward to continuing to provide high-quality products and expanded investment management services to both Cumberland and Mid Penn clients.”
Stephens Inc. is serving as Mid Penn’s exclusive financial advisor, and Pillar + Aught is serving as its legal advisor. Williams Parker is serving as Cumberland’s legal counsel.
ABOUT MID PENN BANCORP, INC.:
Mid Penn Bancorp Inc. (NASDAQ: MPB), headquartered in Harrisburg, Pennsylvania, is the parent company of Mid Penn Bank, a full-service commercial bank. Mid Penn currently operates 59 retail locations throughout Pennsylvania and central and southern New Jersey, has total assets of approximately $6 billion, and offers a comprehensive portfolio of financial products and services to the communities it serves. To learn more, please visit www.midpennbank.com.
