Mid Penn Bancorp to Acquire Cumberland Advisors in Strategic Wealth Expansion
Mid Penn Bancorp, Inc., the parent company of Mid Penn Bank, announced an agreement to acquire Cumberland Advisors, a Sarasota, Florida-based registered investment advisory firm with approximately $3.3 billion in assets under management. The transaction, expected to close in Q4 2025, will see Cumberland’s leadership and full team join Mid Penn.
Founded in 1973, Cumberland Advisors is a fee-for-service investment management firm serving advisors, individuals, and institutional investors, with additional consulting services for institutions. “We are excited to bring a highly respected team of professionals under the Mid Penn umbrella,” said Rory G. Ritrievi, Mid Penn Chair, President and CEO. “This partnership strengthens our ability to serve customers with deep expertise, shared values, and commitment to excellence.”
Mark J. Myers, CEO of Cumberland Advisors, added, “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.”
Advisors to the transaction include Stephens Inc. as exclusive financial advisor to Mid Penn, with Pillar + Aught as its legal counsel. Williams Parker is serving as legal counsel to Cumberland Advisors.
