Harrisburg-based Mid Penn Bancorp and Bristol-based William Penn Bancorporation jointly announced last week that they have entered into a definitive agreement and plan of merger.
Under the terms of the merger agreement, William Penn will merge with and into Mid Penn in an all-stock transaction valued at approximately $127 million. William Penn shareholders will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock.
The merger will create a banking franchise with approximately $6.3 billion in total assets, $5.3 billion in total deposits, and $4.9 billion in total loans.
“This merger will bolster Mid Penn’s presence in the attractive greater Philadelphia metro area market, aligning with our strategic plan of disciplined growth in the southeastern region of Pennsylvania and the southern region of New Jersey,” Rory G. Ritrievi, Mid Penn chairman, president and CEO, said. “Together, we look forward to joining the two companies to expand our footprint and, in turn, enhance our ability to deliver for our customers, communities and shareholders.”
Both companies’ boards of directors approved the merger, which is expected to close during the first half of 2025.
Mid Penn Bancorp operates 45 retail locations throughout Pennsylvania and central New Jersey, and has assets totaling approximately $5 billion.
William Penn operates 12 branches in Pennsylvania and New Jersey.