Harrisburg-based Mid Penn Bank will acquire Bristol’s William Penn Bank for $127 million in stock in a deal that is expected to close in the first half of next year, writes Jeff Blumenthal for the Philadelphia Business Journal.
The combined bank will hold a total of $6.3 billion in assets, $4.9 billion in loans, and $5.3 billion in deposits.
As of Sept. 30, William Penn Bank had $812 million in total assets, $465 million in total loans, and $630 million in total deposits. The bank more than doubled in size after several acquisitions in 2018 and 2019. It has 12 branches in Pennsylvania and New Jersey.
Under the terms of the deal, William Penn shareholders will receive 0.4260 shares of Mid Penn common stock for every share of William Penn common stock they own.
The deal “allows our shareholders to participate in a fabulous long-term growth opportunity while also providing them with immediate value,” said William Penn CEO Kenneth J. 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.”
Read more about William Penn Bank in Bristol being acquired by Mid Penn in the Philadelphia Business Journal.
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