Mid Penn Bancorp, partly owned by Norcross family, filed on Monday with the SEC to take over NJ bank.

Mid Penn Bancorp Inc., owned in part by the family of Democratic power broker George E. Norcross III, on Monday filed with the U.S. Securities and Exchange Commission (SEC) its plan to take over 1st Colonial Bancorp Inc., a 25-year-old banking company headquartered in Mount Laurel.

Mid Penn, with headquarters in Millersburg, Pennsylvania, over the last year has been expanding into New Jersey, including opening an office this year on the Camden waterfront in the TRIAD 1828 building, which is owned partly by Norcross' Conner Strong & Buckelew insurance and benefits firm.

Since last year, the Norcross family has added to its holdings of Mid Penn stock, traded on the Nasdaq exchange, according to SEC filings.

Norcross interests owned a total of 2,152,153 shares, or 9.39% of Mid Penn's outstanding stock, a July SEC filing by Mid Penn reported. The Norcross holdings are valued at more than $64 million, based on Mid Penn's stock price of $29.85 at midday Tuesday, November 25.

1st Colonial, with branches in Collingswood, Westville and Limerick, Pennsylvania, also operates an administrative and lending office in Mount Laurel.

The Mid Penn takeover is a $101 million cash and stock transaction, with 1st Colonial getting one seat on the Mid Penn Board of Directors and 1st Colonial's CEO and president, Robert B. White, becoming the senior executive vice president, Greater Philadelphia metro area market president and senior risk advisor of Mid Penn Bank, according to Mid Penn's acquisition announcement in September. 

A date for stockholders to approve or deny the takeover has yet to be determined, the SEC filing noted.

Most of the Norcross shares are held by General American Capital, LLC, a wholly owned subsidiary of the Indiana Pacific General Trust, and managed by Susan D. Hudson, who is chairwoman of Conner Strong. Norcross' brother, Philip A. Norcross, serves as assistant manager of General American Capital, according to SEC filings.

A Mid Penn SEC filing last November when the Norcross group owned about 6% of Mid Penn's stock stated that Indiana Pacific General Trust "is to provide for the security and wellbeing of grantor George E. Norcross III's descendants, Alessandra T. Norcross and Alexander S. Norcross."

Alessandra is founder and chairwoman of PhillyVoice, a Philadelphia digital news site, and Alexander S. Norcross is an assistant vice president at Mid Penn Bank, the filing disclosed.

Separately on Monday, Mid Penn announced it has pledged $1 million for breast cancer care and research through the Pink Roses Teal Magnolias Fund at MD Anderson Cancer Center at Cooper, in partnership with the Cooper Foundation.

George Norcross chairs the Cooper Health System board of trustees, Cooper University Hospital and MD Anderson Cancer Center at Cooper. His brother Philip chairs the Cooper Foundation.