Announcement • Aug 02
Mifflinburg Bancorp, Inc. (OTCPK:MIFF) completed the acquisition of Northumberland Bancorp (OTCPK:NUBC) in a merger of equals transaction. Mifflinburg Bancorp, Inc. (OTCPK:MIFF) entered into a non-binding letter of intent to acquire Northumberland Bancorp (OTCPK:NUBC) for $33.4 million in a merger of equals transaction on July 10, 2024. Mifflinburg Bancorp, Inc. (OTCPK:MIFF) entered into a definitive agreement to acquire Northumberland Bancorp (OTCPK:NUBC) in a merger of equals transaction on September 24, 2024. Northumberland Bancorp shareholders will receive a fixed exchange ratio of 1.1850 shares of Mifflinburg for each Northumberland share they own. The all-stock transaction leads the total deal value to $34.2 million. At the close, Northumberland shareholders are expected to own approximately 46% of the combined company. In connection with the closing, Mifflinburg Bancorp, Inc. will be renamed Steele Bancorp, Inc. If the merger agreement is terminated under certain circumstances, either Mifflinburg or Northumberland may be required to pay a termination fee of $1.4 million to the other party. The merger agreement was unanimously approved by the boards of directors of both companies. The transaction is subject to the approval by Northumberland’s shareholders, regulatory approvals,expiration of all statutory waiting periods, effectiveness of the registration statement and other customary closing conditions. The combination is expected to be completed in the second quarter of 2025. As of May 15, 2025 the expected closing date is in the second or third quarter of 2025.
As of July 2, 2025, NUBC and MIFF has received the regulatory approvals and waivers from the Pennsylvania Department of Banking and Securities, the Federal Deposit Insurance Corporation and the Federal Reserve Bank of Philadelphia necessary to complete the proposed strategic mergers of equals between MIFF and NUBC and each company’s respective bank subsidiary.
The Kafafian Group, Inc. acted as financial advisor and fairness opinion provider to Mifflinburg Bancorp. Dean H. Dusinberre of Stevens & Lee P.C. acted as legal advisor to Mifflinburg Bancorp. Alden Investment Group acted as financial advisor and fairness opinion provider to Northumberland Bancorp. Timothy A. Hoy of Mette Evans & Woodside acted as legal advisor to Northumberland Bancorp. Northumberland will pay a fee of $75,000 upon Alden's delivery of a fairness opinion. Computershare Trust Company, National Association acted as transfer agent for Mifflinburg.
Mifflinburg Bancorp, Inc. (OTCPK:MIFF) completed the acquisition of Northumberland Bancorp (OTCPK:NUBC) in a merger of equals transaction on August 1, 2024. Announcement • Sep 26
Mifflinburg Bancorp, Inc. (OTCPK:MIFF) entered into a definitive agreement to acquire Northumberland Bancorp (OTCPK:NUBC) for $34.2 million in a merger of equals transaction. Mifflinburg Bancorp, Inc. (OTCPK:MIFF) entered into a definitive agreement to acquire Northumberland Bancorp (OTCPK:NUBC) for $34.2 million in a merger of equals transaction on September 25, 2024. Northumberland Bancorp shareholders will receive a fixed exchange ratio of 1.1850 shares of Mifflinburg for each Northumberland share they own. The all-stock transaction leads the total deal value to $34.2 million. At the close, Northumberland shareholders are expected to own approximately 46% of the combined company. In connection with the closing, Mifflinburg Bancorp, Inc. will be renamed Steele Bancorp, Inc. The merger agreement was unanimously approved by the boards of directors of both companies. The transaction is subject to the approval by Northumberland’s shareholders, regulatory approvals, and other customary closing conditions. The combination is expected to be completed in the first or second quarter of 2025.
The Kafafian Group, Inc. acted as financial advisor and fairness opinion provider to Mifflinburg Bancorp. Stevens & Lee P.C. acted as legal advisor to Mifflinburg Bancorp. Alden Investment Group acted as financial advisor and fairness opinion provider to Northumberland Bancorp. Mette Evans & Woodside acted as legal advisor to Northumberland Bancorp. Announcement • Jun 23
Northumberland Bancorp announced that it has received $10 million in funding On June 22, 2021, Northumberland Bancorp (OTCPK:NUBC) closed the transaction. The transaction included participation from 7 investors. 
