Bristol Borough-based William Penn Bank will merge with Harrisburg-based Mid Penn Bancorp, the companies announced recently.
The all-stock transaction is valued at approximately $127 million and is based on the closing stock price as of Oct. 30.
The merger has been unanimously approved by both companies’ boards of directors and is anticipated to be finalized in the first half of 2025.
The deal is pending approval from the shareholders of both banks as well as closing conditions.
William Penn Bank has a dozen branches across Pennsylvania and New Jersey, including Bristol Borough, Falls Township, and Middletown Township.
Mid Penn Bancorp Inc., the parent company of Mid Penn Bank, operates branches in the same states, including a location in Newtown Township.
“We are excited to welcome the William Penn shareholders, customers and employees to Mid Penn,” Mid Penn Chair, President, and CEO Rory Ritrievi said. “As longstanding community banks headquartered in Pennsylvania, both Mid Penn and William Penn have grown to know and respect each other’s operating philosophy, dedication to providing best-in-class customer service and commitment to the communities in which we operate.
“We are incredibly pleased to partner with Mid Penn in this strategic combination that allows our shareholders to participate in a fabulous long-term growth opportunity while also providing them with immediate value,” said William Penn Chairman, President, and CEO Kenneth Stephon. “The merger enables us to accelerate our growth far more rapidly than we could as an independent company, while also creating excellent value for our shareholders, customers, and employees.”
Stephon will join Mid Penn’s Board of Directors and will become the vice chairman of Mid Penn Bank, per the release.
As of Sept. 30, William Penn reported having approximately $812 million in total assets, $465 million in total loans, and $630 million in total deposits. Post-merger, the combined entity will boast around $6.3 billion in total assets, $4.9 billion in total loans, and $5.3 billion in total deposits.
Mid-Penn Bank has about $5 billion in assets.
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