— Jeff Ward, Lehigh Valley News Briefs
Mid Penn Bancorp has raised about $70 million from a sale of common stock.
The Harrisburg-based bank said in a statement that it sold 2,375 million shares at $29.50 each. After deducting expenses, the net proceeds are about $67 million.
“The company intends to use the net proceeds of the offering to support its continued growth,” according to the statement. It also noted the potential redemption of subordinated debt and future transactions.
Mid Penn Bancorp (NASDAQ:MPB) is the parent company of Mid Penn Bank, which has operations in 19 counties in Pennsylvania and New Jersey.
The closing price of Mid Penn shares Monday was $31.01, giving the company a market capitalization of $589 million.
Lehigh Valley News Briefs 