NORTHUMBERLAND – Big news out of Northumberland and Mifflinburg Wednesday morning.
The parent companies of Northumberland National Bank and Mifflinburg Bank and Trust will be merging. In a news release, the two regional banks said Mifflinburg Bancorp, Inc. and Northumberland Bancorp have agreed to combine forces. They say there will be a staff reduction, and the name of the new bank is not yet chosen.
They say the merger, expected to finalize in early 2025, will result in a combined institution with $1.3 billion in assets, $1.1 billion in deposits, and $850 million in loans. Both banks, with over a century of service each, are community-focused and see this union as an opportunity to grow while maintaining personal service for customers.
The new company, Steele Bancorp, Inc., will feature leadership from both banks, with Donald J. Steele, Jr. as Chairman. He said the merger brings added benefits for shareholders, customers, and employees, including greater product offerings and career growth opportunities.
