Mifflinburg Bancorp, Inc. (OTCPK:MIFF) and Northumberland Bancorp (OTCPK:NUBC) have announced a strategic merger of equals, creating a combined company with approximately $1.3 billion in total assets. The all-stock transaction, valued at $34.2 million, will see Northumberland shareholders receive 1.1850 Mifflinburg shares for each Northumberland share. Post-merger, Northumberland shareholders will own about 46% of the combined entity.
The new company will be renamed Steele Bancorp, Inc., with Jeffrey J. Kapsar as President and CEO. The merger is expected to complete in the first or second quarter of 2025, subject to regulatory approvals and other conditions. This combination aims to create a premier financial institution with greater scale and resources to compete in the Susquehanna Valley PA market.