Mid Penn Bancorp Inc. announced that it has received $5 million in funding.
January 02, 2013 at 11:00 pm EST
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Mid Penn Bancorp Inc. (NasdaqGM:MPB) announced a private placement of a total of 5,000 7% non-cumulative, non-voting, non-convertible perpetual preferred stock, series B shares at a price of $1,000 per share for maximum gross proceeds of $5,000,000 on September 26, 2012. Minimum investment accepted from any outside investor is 50,000 for 50 shares. The company will issue the securities to the investors pursuant to Regulation D. The shraes are being offered to accredited investors and up to 35 non-accredited investors.
As of October 10, 2012, the company has raised $2,595,000 in funding from nine investors.
On December 28, 2012, the company announced that the precedent conditions have been met. As of the same date, the company has raised $4,880,000 by issuance of 4,880 shares. The expected closing date has been extended from December 31, 2012 to a date that is earlier of June 28, 2013 or until all shares being issued has been sold.
On January 3, 2013, Mid Penn Bancorp Inc. closed the transaction.
Mid Penn Bancorp, Inc. is a financial holding company. Its operations are conducted by Mid Penn Bank and its nonbank subsidiaries are engaged in commercial banking and trust business. It provides full-service commercial banking and financial services, including mortgage and home equity loans, secured and unsecured commercial and consumer loans, lines of credit, construction financing, farm loans, community development and local government loans and various types of time and demand deposits. It offers services to commercial businesses and real estate investors, consumers, nonprofit organizations, and municipalities through its 49 full-service retail banking properties. Its investment portfolio includes the United States Treasury and United States government agencies, mortgage-backed United States government agencies, and corporate bonds. It also offers other services, such as online banking, telephone banking, cash management services, automated teller services and safe deposit boxes.
MID PENN BANCORP, INC. 
