1st Colonial Bancorp jumps on $101 million buyout deal with Mid Penn Bancorp

Shares of community lender 1st Colonial Bancorp FCOB.PK jump 7.5% to $18.55

U.S. bank Mid Penn Bancorp MPB.O will buy FCOB in a $101 million cash-and-stock deal, the companies announced late Wednesday

Under the deal, 60% of FCOB shares will be converted into MPB stock while the remaining will be exchanged for cash

FCOB shareholders can opt to receive 0.6945 share of MPB for each stock held or $18.50 in cash for each share of 1st Colonial they own, subject to the 60/40 consideration mix

Deal values FCOB at $20.03 apiece representing a 16% premium to the last close

As of last close, FCOB stock up 15.8% YTD