Norcross family wants to boost investment in Mid Penn bank to 25%

The family of South Jersey business and political leader George E. Norcross III plans to boost its ownership of Mid Penn Bank to as much as 25%, more than double its current investment in the bank, which is based in central Pennsylvania but sees metro Philadelphia as its biggest growth market.

GAH (formerly General American) Capital LLC, a family trust that invests for Norcross’ children, Alex and Lexie, has filed with Mid Penn’s regulators, the Federal Reserve Bank of Philadelphia and the Pennsylvania Banking Department for permission to boost their Mid Penn Bancorp holdings above its current 10% limit and buy up to a quarter of the company, the trust told the Securities & Exchange Commission in a May 1 filing.

At today’s prices, the Norcross stake would be worth over $200 million. That would make the Norcrosses by far the largest owner of Mid Penn.

Based in Millersburg in the former coal-mining region north of Harrisburg, the bank has $7 billion in loans and other assets, more than 700 staff, and around 65 branches in eastern and central Pennsylvania and New Jersey.

Alex Norcross joined the bank as head of Pennsylvania private investments in 2024 before the Norcrosses acquired most of their shares. Family members have called the timing coincidental.

Lexie Norcross is founder and chair of PhillyVoice, a digital news site. George Norcross is an insurance brokerage executive, chairman of Cooper University Health Care, and an architect of downtown Camden’s sometimes contentious and state-aided resurgence as a business center. He was once a co-owner of The Inquirer.

George Norcross has said Mid Penn is an attractive investment with growth potential. The bank’s stock is up around 12% over the past year, but that trails the KBW Bank Index of big-company bank stocks, which is up 36% over that period.

The Norcrosses have no current plans to sell or merge Mid Penn, change top managers, or adopt a new business model, according to their SEC filing.

George Norcross has previously said he was happy with management under Mid Penn CEO Rory Ritrievi and didn’t plan to seek management changes. Norcross formerly was a major investor in the former Philadelphia-based Republic Bank, now part of Fulton Bank after intensive litigation among rival owners and managers.

Ritrievi has said he is looking for acquisitions to help grow Mid Penn.

Mid Penn in January completed its purchase of $3.2 billion-asset Cumberland Asset Management, which invests for wealthy clients. Founded in Vineland in 1973, Cumberland is now based in Sarasota, Fla., across the state from George Norcross’ winter base in Palm Beach.

In March, Mid Penn completed its $106 million purchase of 1st Colonial Community Bank, a Collingswood bank founded by the late Gerry Banmiller to serve small businesses and other customers in Philadelphia’s South Jersey suburbs.