Mid Penn Bancorp and William Penn Bancorporation have received all of the necessary federal and state approvals to complete its merger.
The merger of the two Pennsylvania banks will see William Penn merge into Harrisburg-based Mid Penn.
“We are pleased to have received regulatory approval of our merger that supports our growth objectives, complements our franchise, and propels long-term shareholder value,” Mid Penn President and CEO Rory Ritrievi said. “Mid Penn and William Penn continue to work collectively towards a second quarter closing of this transaction and are meeting timelines and milestones as expected.”
The merger will extend Mid Penn’s footprint into the attractive Greater Philadelphia Metro market. It will also expand its presence in Southeastern Pennsylvania and Central New Jersey.
The deal is expected to close in the second quarter of 2025, following shareholder approvals and certain other customary closing conditions.
Mid Penn Bancorp, based in Harrisburg, is the parent company of Mid Penn Bank, which operates 47 retail locations throughout Pennsylvania and central New Jersey. It has total assets of approximately $5 billion.
William Penn Bancorporation, headquartered in Bristol, is the parent company of William Penn Bank. It provides community banking services to individuals and small – to medium-sized businesses in the Delaware Valley area. William Penn currently has 12 branch offices located in Pennsylvania and New Jersey.
After the merger is completed, William Penn Bank will be merged into Mid Penn Bank. At that time, Mid Penn will have about $6.3 billion in assets.