Mid Penn To Buy William Penn For Around $127 Mln; WMPN Up Over 17% In Pre-Market

Mid Penn Bancorp

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(RTTNews) - Commercial lenders- Mid Penn Bancorp, Inc. (MPB) and William Penn Bancorporation (WMPN) jointly announced on Friday that they have inked a deal through which William Penn will merge with Mid Penn in an all share transaction of around $127 million.

The transaction is expected to be immediately accretive to Mid Penn's earnings per share and to have a positive long-term impact on its key profitability.

Under the terms, shareholders of William Penn will receive 0.4260 shares of Mid Penn for each share of William Penn. Additionally, all options of William Penn will be rolled into Mid Penn equivalent options.

Based on Mid Penn's closing price of $31.88 per share as of October 30, the transaction value stands at approximately $13.58 per William Penn share, or $127 million.

The merger, to be closed in the first-half of 2025, will form new community banking franchise with approximately $6.3 billion in total assets, $4.9 billion in total loans, and $5.3 billion in total deposits.

Rory Ritrievi, CEO of Mid Penn, said: "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."

Headquartered in Bristol, William Penn operates 12 branches across Pennsylvania and New Jersey.

WMPN was up by 17.58 percent at $14.98 in the pre-market trade on the Nasdaq.