Mifflinburg, PA

Jeffrey J. Kapsar, President and Chief Executive Officer of Steele Bancorp, Inc. (OTCID Pink: “STLE”), announced today the completion of the merger of Northumberland Bancorp (“Northumberland”) with and into Mifflinburg Bancorp, Inc. (“Mifflinburg”), and the merger of The Northumberland National Bank (“Norry Bank”) with and into Mifflinburg Bank and Trust Company (“Mifflinburg Bank”).  In connection with the mergers, effective August 1, 2025, Mifflinburg changed its name to Steele Bancorp, Inc. (“Steele”), and Mifflinburg Bank changed its name to Central Penn Bank & Trust (“Central Penn”).

In accordance with the merger agreement, Northumberland shareholders will receive 1.1850 shares of Steele common stock for each share of Northumberland common stock they own, and cash in lieu of fractional shares. Following the merger, the combined company has total assets of approximately $1.34 billion, deposits of approximately $1.16 billion, and loans of approximately $904 million, serving individuals, families, nonprofits and business clients in Centre, Northumberland, Snyder and Union counties through 13 banking offices and online at [www.centralpennbank.com]. 

Two similar community banks, each in existence for more than a century, are coming together in a strategic merger of equals creating a greater expanded footprint in which to compete.  Our customers will benefit from the scale and varied talent of the combined organization while they continue to enjoy the personal service this stronger community bank will provide with enhanced products and services.  Shareholders will enjoy a sound investment in a larger bank with continued strong capital, earnings, and dividends.  This merger will provide more career opportunities for our employees as well.”

The Kafafian Group, Inc. served as financial advisor to Mifflinburg and Stevens & Lee served as its legal counsel.