Mifflinburg Bancorp in Mifflenburg, Pa., has agreed to buy Northumberland Bancorp in Northumberland, Pa.
The $567 million-asset Mifflinburg said in a press release that it will pay $34.2 million in stock for the $685 million-asset Northumberland Bancorp. The deal is expected to close in the first or second quarter of 2025.
Mifflingburg said it will rebrand as Steele Bancorp as part of the transaction.
Jeffrey Kapsar, Mifflinburg’s president and CEO, will serve as Steele’s president and CEO, while J. Todd Troxell, Northumberland’s president and CEO, will become Steele’s corporate secretary and chief administrative officer of the bank.
Donald Steele, Jr., Northumberland’s chairman, will have the same role at Steele Bancorp. Richard Drzewiecki, Mifflinburg’s chairman, will become vice chairman. Six Northumberland directors will join Steele’s board.
The acquisition “brings together two community-minded organizations that are unified by a shared vision, values, and a solid approach to the future of banking,” Kapsar said in the release. “ Our similar cultures strategically position us for growth opportunities and lay the foundation for nurturing current and future relationships while remaining a respected and strong community bank.”
Kafafian Group and Stevens & Lee advised Mifflinburg. Alden Investment Group and Mette, Evans & Woodside advised Northumberland.