MILLERSBURG, Pa., May 31, 2018 (GLOBE NEWSWIRE) -- Mid Penn Bancorp, Inc. (NASDAQ:MPB) and First Priority Financial Corp. (OTCQX:FPBK) announced today that they have received all required approvals from the applicable bank regulatory agencies to complete their proposed merger. Pending receipt of approval from shareholders of Mid Penn and First Priority, Mid Penn intends to close the transaction in the third quarter of 2018.

Following completion of the merger, First Priority Bank will be merged with and into Mid Penn Bank and will operate as “First Priority Bank, a division of Mid Penn Bank.”

“With this merger, we look forward to expanding into the Delaware Valley and Berks County, which will allow us to continue to spread our brand of community banking across the state of Pennsylvania,” said Mid Penn President and CEO Rory G. Ritrievi. “As Mid Penn and First Priority work collectively to ensure the merger is seamless, we believe our partnership will provide an attractive set of products and services to customers and a meaningful financial return to shareholders.”

The merger will expand Mid Penn’s footprint into the desirable demographic markets of southeastern Pennsylvania, including Chester, Berks, Montgomery and Bucks counties. Mid Penn, on a pro forma basis following completion of the merger, will have over $2 billion in assets.

Sandler O’Neill + Partners, L.P. served as financial advisor and Pillar+Aught served as legal advisor to Mid Penn in the transaction. Griffin Financial Group LLC acted as financial advisor and Stevens & Lee, P.C. acted as legal advisor to First Priority.

About Mid Penn Bancorp, Inc.

Mid Penn Bancorp, Inc. (NASDAQ:MPB), headquartered in Millersburg, Pa., has been serving the community since 1868. Mid Penn has 29 retail locations in the state of Pennsylvania and total assets of approximately $1.4 billion. Its footprint includes Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Northumberland, Schuylkill and Westmoreland counties. The bank offers a comprehensive portfolio of products and services to meet the banking needs of the communities it serves. To learn more about Mid Penn Bank, visit www.midpennbank.com.

About First Priority Financial Corp.

First Priority Financial Corp. has total assets of approximately $615 million. Headquartered in Malvern, Pa., First Priority provides personal banking, business banking and wealth management services through its seven locations in Chester, Berks, Montgomery and Bucks counties. Additional information is available through the bank’s website at www.fpbk.com.