Mid Penn Bank parent company Mid Penn Bancorp, announced on Thursday that it entered into an agreement to acquire Sarasota, Florida-based RIA Cumberland Advisors.
Cumberland recorded year-to-date annualized revenue of $9 million as of the second quarter and is expected to bring about $3.3 billion new assets under management (AUM) to the combined firm.
The transaction is expected to close in the fourth quarter this year, Mid Penn said, predicting the deal will be “earnings-accretive immediately upon closing.”
After the acquisition is finalized, Mid Penn said, the Cumberland leadership and team members will join Mid Penn.
Founded in 1973, Cumberland is a fee-for-service investment management firm serving advisors, individuals and institutional investors. It has a “conservative investment orientation to manage both risks as well as returns,” according to Mid Penn.
Cumberland has clients across the U.S. and internationally.
“Sarasota is a new market for us,” Rory G. Ritrievi, President, CEO and Chair of Mid Penn Bancorp, told WSR by email on Friday. “We think it is a great community, and that it is a community much like some of the communities we serve in PA and NJ.”
He added, “While we integrate Cumberland and inculcate them to the Mid Penn brand, we will be evaluating the chances of expanding the rest of MPB to Sarasota.”
In a press release announcing the deal, he said, “We are excited to bring a highly respected team of professionals under the Mid Penn umbrella. This partnership strengthens our ability to serve customers with deep expertise, shared values, and commitment to excellence. Together, we are well positioned to accelerate growth of the combined business.”
“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,” Mark J. Myers, CEO of Cumberland Advisors, said in the news release.
“By integrating our teams and industry expertise, we believe we can continue to build upon each company’s track record of success, and we look forward to continuing to provide high-quality products and expanded investment management services to both Cumberland and Mid Penn clients,” Myers said.
Stephens is Mid Penn’s financial advisor for the transaction and Pillar + Aught is serving as its legal advisor. Williams Parker is Cumberland’s legal counsel for the deal.
Mid Penn currently operates 59 retail locations throughout Pennsylvania and central and southern New Jersey, and has total assets of about $6 billion.
The acquisition of Cumberland was announced only one day after Mid Penn Bancorp and 1st Colonial Bancorp jointly announced they entered into a definitive agreement under which Mid Penn will buy 1st Colonial in a cash and stock transaction valued at about $101 million.
That transaction is expected to close late in the first quarter or early in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals and approval by 1st Colonial shareholders, the companies said.
Asked on Friday what Mid Penn’s future M&A and organic growth plans are for the rest of 2025 and beyond, Ritrievi told WSR, “We are focused on integrating 1st Colonial and Cumberland Advisors right now.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
