Mid Penn Bancorp, Inc. (MPB) announced on Friday that it has set the price for its public offering at $29.50 per share, with the issuance comprising 2.375 million shares. This initiative is expected to generate gross proceeds totaling $70 million.
The proceeds, approximately $67 million after expenses, will be directed toward bolstering the company's growth. This includes making investments in Mid Penn Bank, potentially redeeming subordinated debt, and pursuing future strategic opportunities.
Furthermore, the company has provided the underwriters with an option to purchase an additional 356,250 shares within a 30-day period.
