Mid Penn Bank, based in Harrisburg, is merging with William Penn Bank of
Bristol for $127 million in stock to strengthen its presence in the
Philadelphia area. But to many small business owners in the region,
Mid Penn
is already a household name.
During the pandemic, Mid Penn made more than $1 billion in Paycheck
Protection Program (PPP) loans — an impressive number, given that it only
had about $2 billion in total assets at the time. The bank promoted its PPP
loans through a series of videos sent to prospective borrowers featuring
Rory G. Ritrievi, who serves as Mid Penn Bank’s Chair, President, and CEO.
“To this day, when I’m in Philadelphia, people walk up to me on the street
and say, ‘Are you Rory Ritrievi? My gosh, you did my PPP loan! I saw
your videos and it was really helpful to us and it saved my business, and it
saved all my employees,’” Ritrievi said.
Mid Penn’s growth and expansion
Today, Mid Penn has $5 billion in assets and 45 branches across Pennsylvania
and central New Jersey, and will grow even larger through its merger with
William Penn. Once the deal closes, expected in late April, the bank will
have $6.3 billion in assets, $4.9 billion in loans, $5.3 billion in
deposits, and 57 branches.
Of the 12 branches Mid Penn will acquire from William Penn, six are in Bucks
County, one in is Hamilton Township, New Jersey, two are in Philadelphia,
and three are in southern New Jersey.
Mid Penn also has plans to expand its
presence in Chester and Montgomery counties, where it has one branch apiece,
and in Philadelphia, where it has two.
“And then in South Jersey, with the three that we’re going to pick up from
[William Penn] and the one in Camden — that’s a good start, but there’s
clearly a lot of room for growth,” Ritrievi said.
Mid Penn Bank Chair, President, and CEO Rory Ritrievi
Joining Mid Penn will allow William Penn branches to offer customers a wider
range of services, from online banking and bill payments to trust and wealth
management. They’ll continue supporting small business and real estate
clients — areas where Mid Penn excels — and will also provide products and
services for commercial and industrial clients, who are a major part of Mid
Penn’s customer base.
“Mid Penn Bank will be a home to bank at for all of the 6.5 million people,
600,000 businesses and all of the really strong municipalities that are in
the greater Philadelphia metro area,” Ritrievi said. “We are a full-service
provider.”
Mid Penn’s commitment to community initiatives
Mid Penn is deeply committed to the communities it serves, supporting
numerous philanthropic initiatives each year and hosting two major
fundraising events: the No Shave November campaign and the Mid Penn Bank
Celebrity Golf Classic.
No Shave November: raising awareness for men's health
The
No Shave November campaign
began as a suggestion from Mid Penn’s community team to create an event
dedicated to men’s health. This annual fundraiser supports Hershey-based
Penn State Health in providing free prostate cancer screenings to
marginalized and underserved communities across Pennsylvania. Now in its
ninth year, the campaign has raised over $1 million.
The campaign is also a source of light-hearted fun between Ritrievi and Mid
Penn’s employees.
“I grow a full beard and I have to leave it on through the middle of
December because I do a full tour of our bank in December,” Ritrievi said.
“I go out and wish everyone happy holidays, give them a gift, and spend a
little bit of time with them — and they want to see the beard.”
Celebrity Golf Classic: supporting breast cancer initiatives
Mid Penn’s other signature event, the Celebrity Golf Classic, was initially
organized to raise funds for breast cancer research. Like No Shave November,
it has raised over $1 million since its inception. This year, 35 celebrities
attended the scramble tournament, leading Mid Penn to add a video component
to its podcast series called “Beyond the Game.”
During the event, Ritrievi conducted short interviews with each celebrity,
which the bank posted to its YouTube channel in five hour-long segments.
This initiative inspired Mid Penn to upgrade its podcasting studio to
include video capabilities, with plans to launch new video podcasts on its
website and YouTube channel later this month.
- THE MID PENN BANK PODCAST
- The Mid Penn Bank Podcast is hosted by President and CEO Rory Ritrievi and features stories about the financial services industry and conversations with business leaders, celebrities, and employees.
- Listen here
Evolution of the Mid Penn Bank Podcast
Initially, the bank’s
podcast
focused on Ritrievi interviewing Mid Penn employees to give listeners
insights into banking. As time went on, he began interviewing business
owners who were Mid Penn customers and let them tell their stories, “and
that’s when it really started to get interesting.”
“We’ve had some really great business people and community members come in
and tell stories that are really compelling,” Ritrievi said.
Building a stronger future through community and growth
Mid Penn’s merger with William Penn Bancorp represents more than just an
expansion in assets and geography; it underscores the bank’s commitment to
supporting businesses and communities across the greater Philadelphia area.
Under the leadership of Ritrievi, the bank’s dedication to service,
innovation, and philanthropy sets it apart, ensuring that it not only grows
in size but also deepens its positive impact on the many communities it
serves.
