Mid Penn Bancorp, Inc. completed the acquisition of Sarasota‑based Cumberland Advisors, Inc., a fee‑for‑service investment advisory firm with $3.2 billion in assets under management as of December 31 2025. The transaction closed on January 1 2026 and was announced on January 5 2026.
The purchase price was $5.5 million in a combination of cash and stock, with an additional earn‑out of up to $2.2 million tied to performance milestones and stock‑appreciation rights. The deal created a new subsidiary, Cumberland Advisors, LLC, which will operate under the Mid Penn umbrella.
Strategically, the acquisition expands Mid Penn’s fee‑based wealth‑management capabilities into national and international advisory markets, diversifying the company’s revenue mix beyond traditional net‑interest income. It also strengthens the firm’s fee‑based income stream and creates cross‑selling opportunities with its existing retail banking and insurance businesses.
The addition of Cumberland’s experienced investment professionals is expected to be earnings‑accretive immediately. Mid Penn’s 59 retail locations, more than $6 billion in total assets, and a 20.7% revenue growth over the last twelve months position the company to integrate Cumberland’s services and accelerate its growth strategy.
Management highlighted the significance of the deal: “We are excited to welcome the Cumberland Advisors team, customers and shareholders to the Mid Penn family,” said Rory G. Ritrievi, Chair, President and CEO. “Cumberland has built a strong reputation for excellence and is the ideal choice to help us continue our legacy of delivering exceptional financial solutions while maintaining a strong commitment to customer care.” Mark J. Myers, CEO of Cumberland Advisors, added, “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.”
Cumberland Advisors, founded in 1973, is known for its fee‑for‑service model, independent research, and conservative investment approach. Mid Penn’s announcement of this acquisition comes alongside a recent agreement to acquire 1st Colonial Bancorp, underscoring the bank’s active M&A pipeline and its focus on expanding both its asset‑management and retail banking footprint.
The deal positions Mid Penn to capture growth in the fee‑based wealth‑management sector, diversify its revenue streams, and accelerate its broader growth strategy. By integrating Cumberland’s advisory services, the company expects to enhance cross‑sell opportunities and achieve immediate earnings accretion, reinforcing its competitive position in the market.
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