8-K: Mid Penn Bank Appoints Dana Stewart as New COO

Mid Penn Bank, a subsidiary of Mid Penn Bancorp, Inc., announced the appointment of Dana Stewart as First Executive Vice President and Chief Operating Officer, effective January 5, 2026.

Summary

• Mid Penn Bank appointed Dana R. Stewart as First Executive Vice President and Chief Operating Officer, effective January 5, 2026.
• Stewart brings over 35 years of experience in the financial services industry, previously holding senior roles at First National Bank and BNYMellon.
• His compensation includes an annual base salary of $310,000 and a change in control agreement with a severance benefit of 2.25 times his base salary.
• Jordan D. Space, the previous Chief Operating Officer, will transition to President of the Private Bank, overseeing MPB Financial Services, LLC, MPB Risk Services, LLC, and Cumberland Advisors, LLC.

Sentiment

Score: 8

Explanation: The appointment of a highly experienced Chief Operating Officer with a strong background in operational excellence and strategic initiatives is a positive development for the company, signaling a focus on efficiency and disciplined growth.

Positives

• Appointment of a highly experienced Chief Operating Officer, Dana R. Stewart, with over 35 years in financial services.
• Stewart's background includes leadership roles in operational excellence, efficiency enhancement, M&A integrations, and strategic initiative delivery at First National Bank and BNYMellon.
• The company's stated focus on "disciplined growth while maintaining our exceptional customer service" is reinforced by this strategic hire.
• The previous COO, Jordan D. Space, remains with the company in a key leadership role as President of the Private Bank, ensuring continuity and leveraging his expertise.

Future Outlook

Mid Penn Bank aims to focus on disciplined growth while maintaining exceptional customer service, with the new COO expected to drive operational excellence and efficiency to support these goals.

Management Comments

• "We are thrilled to welcome Dana to Mid Penn Bank as our new chief operating officer. He is an outstanding leader with a proven track record of driving operational excellence and enhancing efficiency in large banks. He will be a tremendous asset as we focus on disciplined growth while maintaining our exceptional customer service." Rory Ritrievi, President and CEO.

Industry Context

The appointment of a seasoned Chief Operating Officer with extensive experience in operational transformation and M&A integration reflects a common strategy among regional banks to enhance efficiency, streamline operations, and support strategic growth initiatives in a competitive financial services landscape. This move aligns with broader industry trends focusing on optimizing internal processes and leveraging experienced leadership to navigate evolving market conditions and regulatory environments.

Management Changes

Related Party Transactions

• No related party transactions were disclosed, as the filing explicitly states "No information is required to be disclosed with respect to Mr. Stewart pursuant to Item 404(a) of Regulation S-K."

Stakeholder Impact

• Shareholders: Potential for improved operational efficiency and disciplined growth, which could lead to enhanced shareholder value.
• Employees: New leadership in a key operational role may bring new strategies and processes, potentially impacting various departments.
• Customers: The company's stated commitment to "maintaining our exceptional customer service" suggests a positive impact, with operational improvements potentially leading to better service delivery.

Next Steps

• Dana R. Stewart will lead the Bank's loan and deposit operations groups.
• Jordan D. Space will continue to serve as President of the Private Bank and manage MPB Financial Services, LLC, MPB Risk Services, LLC, and Cumberland Advisors, LLC.

Key Dates

Keywords

Mid Penn Bancorp, Mid Penn Bank, Chief Operating Officer, COO appointment, Executive appointment, Financial services, Banking, Corporate governance, Management change, MPB