Mid Penn Bancorp: Committed to Strengthening the Communities in Which They Work
In this Spotlight on Community Banks article, we spoke with Rory Ritrevi, Chair, President and Chief Executive Officer of Mid Penn Bancorp, the holding company for Mid Penn Bank. Headquartered in Harrisburg, Pennsylvania, with locations in 17 counties throughout the stage, Mid Penn is committed to serving its communities. Mid Penn offers a wide array of options for banking, financing and planning to individuals, businesses and nonprofit organizations. Mid Penn has been recognized on American Banker Magazine’s “Top 200 Community Banks” and “Best Banks to Work For” lists. Mid Penn Bank was also named “Best Small Bank in Pennsylvania” in 2022 and 2023 by Newsweek on their America’s Best Banks list. Mid Penn Bancorp has been listed on Nasdaq for over 14 years under the symbol “MPB”.
You’re coming up on 15 years listed on Nasdaq this fall. How has your mission evolved over the last 15 years?
The base concept of our mission has remained consistent throughout my 14 years here, even if the words have been refined over time. Our mission is to reward all of our shareholders, critically serve and support all of our customers and communities and cherish all of our employees. As we have grown over 700% in size, our shareholder base has evolved, as has our customer base, the communities we serve and even our employee group.
Learn more about the history of Mid Penn Bank
How important is community involvement for a regional bank?
I believe that the U.S.A. has the best economy in the history of the world precisely because of the community banking industry. A community bank is a place where a customer, big or small, can find great deposit, loan and money management solutions from people who shop at the same places they shop, eat at the same restaurants they eat and worship in the same places they worship. All business is conducted in a community environment where all players have a vested interest in that community. Mid Penn’s community involvement is unparalleled, I believe, because we insist that to be a successful employee here, each person has to commit to strengthening the community in which they work with volunteer hours and fundraising activities. For 2022, we raised and contributed $2.4 million in funds and provided 10,000 volunteer hours to 945 community organizations throughout PA. That is a real differentiator.
Learn more about Mid Penn Bank in the community
What’s been the biggest surprise during your almost 15 years as a publicly traded company?
The vagaries of the stock market always surprise me. After we deliver strong quarterly earnings reports, I always expect the stock to rise accordingly. Most of the time it does but not always. When it doesn’t, it is a surprise. I guess that is just my competitive nature. I like all our good periods of time and all our wins to be the driver that motivates shareholders to purchase.
Who is the ideal Mid Penn Bank customer? How do you build customer loyalty?
Any customer who wants to do all their banking with us is my ideal customer. We love all our customers, even the ones who only have one product or service with us. For loans, deposits, investments, trusts, brokerage and insurance, I believe we are the best solution out there. When a customer agrees and does all those things with us, that is ideal. We build customer loyalty by convincing ourselves that we must earn that loyalty every day. Every day is a new opportunity to reinforce that with our customers and I like to think that we take advantage of those opportunities every chance we get.
What is Mid Penn Bank’s formula for success?
Often, when I meet with employee groups, I describe our formula like this: We are here in business to provide exceptional returns to our customers. We can provide exceptional returns when we maximize the amount of business we do with each and every customer we have. We maximize the amount of business we do with each customer when we first provide the best service that customer has ever received. WOW them in every interaction and they will want to do more with you. The best customer service available will only be provided by a cohesive team of highly educated, highly-motivated and well-rewarded individuals who live in and amongst the people to whom they are providing that customer service.
We develop, educate, motivate and reward each and every person who works here, regardless of their position, because even the people in our facilities group are involved in customer service. (Ever go to a bank and use the ATM when there are spiderwebs or grime all over the front of the machine?) As we succeed in doing all the things necessary to provide that exceptional return, we cannot forget to support the community from which we derive our profits in a manner that strengthens that community every day. That is our formula of success.
Connect with Mid Penn Bank:
About Rory Ritrievi:
Rory G. Ritrievi joined Mid Penn Bank and parent company Mid Penn Bancorp, Inc. in 2009 as President and Chief Executive Officer and has served as Chair of the Board since July 2021. Prior to joining Mid Penn, Mr. Ritrievi served as Market President and Chief Lending Officer of Commerce Bank/Harrisburg. Mr. Ritrievi has over 36 years of experience in the financial services industry and is a licensed, but nonpracticing, attorney in the state of Pennsylvania. He currently serves on the Advisory Board for Widener Law Commonwealth’s Business Advising Certificate Program and on the Board of Directors of the Harrisburg Area YMCA and is an active member of his community. Mr. Ritrievi holds a Juris Doctor from Widener University School of Law and a bachelor’s degree in economics from the University of Pittsburgh.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Michael Spector
Nasdaq
Michael is responsible for managing relationships with Nasdaq listed companies in the South Central and South Western U.S.
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