Mid Penn Bancorp, Inc. announced it has entered into an agreement to acquire Sarasota, FL-based Cumberland Advisors. This acquisition is a strategic move to expand Mid Penn's wealth management services.
Cumberland Advisors recorded a year-to-date annualized revenue of $9.0 million as of the quarter ended June 30, 2025. The acquisition is expected to bring approximately $3.3 billion in new assets under management to the combined company.
Mid Penn anticipates that this transaction will be earnings accretive, contributing positively to its financial performance. This investment diversifies the company's revenue streams and strengthens its position in the wealth management sector.
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