Mid Penn Bancorp Solidifies Florida Entry, Acquires $3.2B RIA
The Pennsylvania-based bank completes its acquisition of Cumberland Advisors, significantly expanding its wealth management arm and signaling an aggressive growth strategy.
Mid Penn Bancorp Inc. (NASDAQ: MPB) has finalized its strategic acquisition of Cumberland Advisors, Inc., a Sarasota, Florida-based registered investment advisory (RIA) firm, in a move that significantly deepens its wealth management capabilities and marks a key geographic expansion.
The deal, which officially closed on January 1, 2026, adds approximately $3.2 billion in assets under management (AUM) to Mid Penn's portfolio, according to a company announcement. The acquisition brings Mid Penn's total AUM to over $4.5 billion, positioning the bank as a more formidable player in the financial services sector.
Shares of Mid Penn were trading around $30.86 in morning activity. The bank, with a market capitalization of approximately $711 million, is making a calculated move to scale its operations and diversify revenue. Analyst consensus continues to be bullish, with a price target of $36.50 on the stock, suggesting potential upside as the market digests the firm's expansionary moves.
Rory G. Ritrievi, Chairman, President, and CEO of Mid Penn, highlighted the strategic fit and entry into a new, high-growth market. "This acquisition strengthens Mid Penn's ability to serve our customers with deep expertise and shared values," Ritrievi stated, noting it positions the combined entity for accelerated growth. The acquisition of the Sarasota-based firm provides Mid Penn with its first major foothold in the lucrative Florida market.
Founded in 1973, Cumberland Advisors has a long-standing reputation as a fee-for-service investment manager for individuals and institutions, known for a conservative approach focused on risk management. Following the acquisition, Cumberland will operate as a newly formed subsidiary, Cumberland Advisors, LLC, with its existing team remaining in place to ensure continuity for its client base. According to a report on the deal, the transaction is expected to be immediately accretive to Mid Penn's earnings.
This transaction is a key component of a broader, aggressive expansion strategy for the Pennsylvania-based bank. The move comes on the heels of Mid Penn's separate announcement to acquire 1st Colonial Bancorp, a New Jersey-based community bank. As noted by industry observers, pursuing two significant acquisitions simultaneously signals a clear intent to rapidly build scale and diversify both geographically and operationally.
The deals to enter New Jersey and Florida push Mid Penn further beyond its traditional Pennsylvania footprint. By acquiring Cumberland, the company not only gains significant AUM but also a valuable stream of non-interest, fee-based income, which is often viewed favorably by investors as it provides a buffer against interest rate volatility.
Stephens Inc. served as the exclusive financial advisor for Mid Penn in the transaction, while Pillar + Aught provided legal counsel. Williams Parker served as legal counsel to Cumberland Advisors, as detailed in the official closing announcement. The integration of Cumberland's experienced team and substantial asset base is a pivotal step in Mid Penn's transformation into a more diversified regional financial institution.