Harrisburg-based Mid Penn Bancorp, parent company of Mid Penn Bank and MPB Financial Services, completed its approximate $120 million purchase of William Penn Bancorporation, effective April 30. William Penn’s banking subsidiary, William Penn Bank, has successfully merged with and into Mid Penn Bank.
“We are pleased to welcome William Penn Bank customers and employees to Mid Penn Bank, and William Penn shareholders to Mid Penn Bancorp, Inc.,” Rory G. Ritrievi, Mid Penn chairman, president and CEO, said. “The completion of this merger joins two institutions with deep roots in community banking. As we further expand into the Greater Philadelphia area market, we remain steadfast in our commitment to delivering unwavering service while providing a wide array of products and financial services to the communities we serve.”
The combined company has assets totaling approximately $6.3 billion.
Former William Penn and William Penn Bank Chairman, President and CEO Kenneth J. Stephon, now serves as Mid Penn and Mid Penn Bank chief corporate development officer, Mid Penn Bank vice chairman and on the boards of directors of Mid Penn and Mid Penn Bank.
Mid Penn operates Pennsylvania and in Central and Southern New Jersey.
MPB Financial Services offers specialized investment strategies, insurance, and planning services.