Mid Penn Bancorp (MPB) entered a merger agreement on November 1, 2024, to acquire William Penn Bancorporation (WMPN) for an all-stock deal valued at $127 million.
Under the terms of the agreement, shareholders of William Penn will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock. The implied transaction value is about $13.58 per William Penn share, representing a 6.59% premium from the stock’s last close.
William Penn is a community-focused bank holding company headquartered in Bristol, Pennsylvania, with about $812 million in total assets, offering a range of retail and commercial banking services to individuals, businesses, and government clients across the Delaware Valley region through its 12 branch offices in Pennsylvania and New Jersey.
Mid Penn is a full-service commercial bank holding company based in Harrisburg, Pennsylvania, providing a wide range of financial products and services to individuals, businesses, and non-profits across Pennsylvania and central New Jersey through its 45 retail locations.
The deal, expected to close in the first half of 2025, will create a combined banking franchise with about $6.3 billion in total assets.
Mid Penn Bancorp is paying 5.27 times sales for William Penn.
The merger will strengthen Mid Penn’s footprint in the greater Philadelphia metro area, helping it grow across southeastern Pennsylvania and southern New Jersey.
More details about this merger and acquisition transaction can be found on the Deal Metrics page here:
Deal Metrics for the acquisition of William Penn Bancorporation (WMPN) by Mid Penn Bancorp (MPB)
The Deal Metrics page provides detailed information related to each merger or acquisition, including:
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Editor’s Note: Baranjot Kaur contributed to this article