WMPN News & Events

Mid Penn Bancorp (MPB) and William Penn Bancorporp (WMPN) announced that they have received all required approvals from the applicable bank regulatory agencies to complete the proposed merger of William Penn with and into Mid Penn. Pending receipt of approval from shareholders of Mid Penn and William Penn, and certain other customary closing conditions, the parties intend to close the transaction in the second quarter of 2025. Following completion of the merger, William Penn Bank will be merged with and into Mid Penn Bank. The merger will further extend Mid Penn's footprint into the attractive Greater Philadelphia Metro market, and will expand its presence in Southeastern Pennsylvania and Central New Jersey. Mid Penn, on a pro forma basis following completion of the merger, is projected to have $6.3B in assets.

William Penn announced that its Board of Directors has declared a cash dividend of 3c per share, payable on February 6 to common shareholders of record at the close of business on January 27. Kenneth J. Stephon, William Penn's Chairman, President, and CEO, stated, "We remain focused on the continued strength of our balance sheet and the sound execution of our business model. During the quarter ended December 31, we had solid growth in our loan portfolio and continued improvement in our asset quality. Gross loans increased by $5.4M on a linked quarter basis, for an annualized growth rate of 4.6%, and non-performing assets declined, measuring 0.30% of total assets at December 31...In addition, recurring operating expenses remained well controlled aside from expenditures directly related to the proposed merger with Mid Penn Bancorp, Inc."

Mid Penn Bancorp (MPB) and William Penn Bancorporation (WMPN) jointly announced that they have entered into a definitive agreement and plan of merger, pursuant to which William Penn will merge with and into Mid Penn in an all-stock transaction valued at approximately $127M, based on Mid Penn's closing stock price as of October 30. The Merger has been approved unanimously by each company's board of directors and is expected to close in the first half of 2025. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Mid Penn and William Penn shareholders. According to the terms of the merger agreement, shareholders of William Penn will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock. Additionally, all options of William Penn will be rolled into Mid Penn equivalent options. Based on Mid Penn's closing stock price of $31.88 per share as of October 30, the implied transaction value is approximately $13.58 per William Penn share, or $127M, in the aggregate. The merger is expected to be immediately accretive to Mid Penn's estimated earnings per share and to have a positive long-term impact on Mid Penn's key profitability and operating ratios.