Fueled by its rapid growth in the past two years, Bristol-based William Penn Bancorp is planning to convert from a mutual holding company into a fully public stock holding company, writes Jeff Blumenthal for the Philadelphia Business Journal.
“We have done three mergers since 2018 and grown from three branches to 12 and about $300 million in assets to $700 million,” said CEO Ken Stephon. “This is just part of that natural progress. It will allow us to continue with our growth strategies.”
The company’s second-step conversion, as it is more commonly known, follows the company’s first-step conversion from a thrift to a mutual holding company in 2008. At the time, the company raised $10.2 million by selling 30 percent of its shares in an offering.
In 2018, the bank completed a merger of equals with Audubon Savings Bank, where Stephon was CEO. He succeeded William Penn’s retiring CEO Terry Sager next year.
The company also added two venerable savings institutions last year, Washington Savings Bank and Bristol-based Fidelity Savings and Loan Association of Bucks County.
Read more about William Penn Bank at the Philadelphia Business Journal here.