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.