Wayne, PA – September 25, 2024 – Alden Investment Group is proud to announce its role as the exclusive financial advisor to Northumberland Bancorp in its proposed merger of equals with Mifflinburg Bancorp, Inc., a deal valued at approximately $34.2 million based on Mifflinburg’s closing stock price as of September 23, 2024. Alden Investment Group also provided the fairness opinion for this all-stock transaction, with Matthew Resch, CFA, serving as the lead advisor.
This merger will combine two high-performing community banks in Central Pennsylvania, resulting in a financial institution with approximately $1.3 billion in total assets, $1.1 billion in total deposits, $850 million in total loans, and $93 million in combined shareholders’ equity, based on the financial statements reported as of December 31, 2023.
The strategic merger is designed to enhance the scale, operating leverage, and resources of the newly formed institution, positioning it for competitive success in the Susquehanna Valley market. As part of the transaction, Northumberland Bancorp will merge into Mifflinburg Bancorp, Inc., with Northumberland’s subsidiary bank, The Northumberland National Bank (“Norry Bank”), merging into Mifflinburg Bank and Trust Company (“Mifflinburg Bank”), the banking subsidiary of Mifflinburg.
Upon closing, Mifflinburg Bancorp, Inc. will be renamed Steele Bancorp, Inc. Additionally, the combined institution will undergo a rebranding process to determine a new name for Mifflinburg Bank that reflects its enhanced status and broader reach in the region.
The merger is expected to improve operational efficiency, partly through early retirement offerings, severance packages, and natural workforce attrition. These measures will ensure staffing levels align with the newly combined entity’s needs.
This merger is a significant step in strengthening both banks’ ability to serve their customers, communities, and shareholders by creating a larger, more capable organization that can thrive in today’s competitive banking environment.
About Alden Investment Group
Alden is an innovative investment firm that aspires to be the premier platform for financial advisors, banks, and investment groups seeking to offer clients investment products and services. The Alden Investment Group manages several regulated entities, including registered investment advisors, a broker/dealer, and several investment funds, and is active in asset management, insurance, and advisory solutions. Alden provides more and takes less from those it works with. The firm has a significant commitment to technology, transparency and operational efficiency. Alden offers a broad and diverse menu of services delivered efficiently and securely, allowing groups that work with Alden to have superior results for themselves and their clients.