November 21, 2024
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.
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
“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 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.
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.”
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.
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.
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.
