Pennsylvania bank to acquire Sarasota financial firm

A Pennsylvania banking company has entered into an agreement to acquire a Sarasota financial firm. Mid Penn Bancorp Inc. (Nasdaq: MPB), the parent company of Mid Penn Bank, expects the deal with Cumberland Advisors to close in the fourth quarter. Financial terms of the acquisition were not disclosed.

Cumberland Advisors, a financial investment advisory firm, will bring about $3.3 billion in new assets under management to the combined company, according to a statement. Cumberland says it posted $9 million in revenue during the first half of 2025.

Founded in New Jersey in 1973, Cumberland Advisors moved its headquarters to Sarasota in 2010. Based on School Avenue, the firm offers fee-for-service investment management for advisors, institutional investors, individuals and institutional clients. When the acquisition closes, the Cumberland leadership and team members will join Mid Penn, and the firm will continue operating independently under its own name as a wholly owned subsidiary, a spokesperson for Mid Penn says.

“We are honored to join forces with such a well-regarded financial institution, and are excited to offer enhanced opportunities to our client base at the combined company,” Cumberland Advisors CEO Mark J. Meyers says in a statement. “By integrating our teams and industry expertise, we believe we can continue to build upon each company’s track record of success, and we look forward to continuing to provide high-quality products and expanded investment management services to both Cumberland and Mid Penn clients.”

Mid Penn Bancorp, which is headquartered in Harrisburg, Pennsylvania, has 59 retail locations in Pennsylvania and New Jersey as well as about $6 billion in assets under management, according to the statement. It employs more than 700, a spokesperson for Mid Penn says in an email to the Business Observer, while Cumberland Advisors has a staff of 36.

Calling Cumberland Advisors a "legendary fixed income wealth shop," Mid Penn President, CEO and Chairman Rory G. Ritrievi says of the acquisition: "This is going to complement the rest of our company very well. What we can deliver to all of our customers just got substantially better," in a post about the deal on LinkedIn.

“Together, we are well positioned to accelerate growth of the combined business." Ritrievi says in a statement.

Acquisition of the Sarasota firm will mark the entry for Mid Penn into the Florida market.

"It is a community that is much like some of the communities we serve" in Pennsylvania and New Jersey, a Mid Penn spokesperson says. "While we integrate Cumberland ... we will be evaluating the chances of expanding the rest of MPB to Sarasota."

Stephens Inc. is serving as Mid Penn’s financial advisor in the acquisition, while Pillar + Aught is its legal advisor. According to a statement, Williams Parker is serving as Cumberland’s legal counsel in the deal.

The day before making public its plans to acquire Cumberland Advisors, Mid Penn Bancorp announced it entered into a $101 million deal to to acquire 1st Colonial Bancorp, a New Jersey-based banking company. The move will continue Mid Penn's strategic expansion in the greater Philadelphia area, according to a statement, and it is expected to close by the second quarter of 2026.