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HARRISBURG, Pa. - Mid Penn Bancorp, Inc. (NASDAQ: MPB) and William Penn Bancorporation (NASDAQ: WMPN) have announced the receipt of all necessary regulatory approvals for their upcoming merger. William Penn, currently trading at $10.86 and near its 52-week low, has maintained consistent dividend payments for 15 consecutive years, according to InvestingPro data. The finalization of the deal, which is subject to approval from the shareholders of both companies and other customary closing conditions, is expected to occur in the second quarter of 2025.
Mid Penn President and CEO Rory G. Ritrievi expressed satisfaction with the progress of the merger, stating that it aligns with the company’s growth objectives and will enhance shareholder value. The merger is anticipated to strengthen Mid Penn’s presence in Southeastern Pennsylvania and Central New Jersey, particularly in the Greater Philadelphia Metro market. InvestingPro analysis reveals William Penn’s current market capitalization of $90.92 million, with additional insights available to subscribers.
Upon completion, the combined entity is projected to have assets totaling approximately $6.3 billion. Currently, Mid Penn Bank operates 47 retail locations and boasts assets of around $5 billion, while William Penn Bank serves the Delaware Valley area through 12 branch offices. William Penn’s overall financial health score of 1.26 is rated as ’Weak’ by InvestingPro, suggesting potential synergies from the merger could benefit shareholders.
The proposed merger will be presented for shareholder votes at upcoming meetings. Shareholders have been provided with a joint proxy statement and prospectus, and additional documents related to the transaction are available from the U.S. Securities and Exchange Commission (SEC).
Forward-looking statements in the press release indicate expectations for the merger’s benefits and projected financial performance. However, both companies acknowledge potential risks and uncertainties that could affect the timing and benefits of the transaction.
This merger is not only a strategic move for Mid Penn and William Penn but also a significant development in the regional banking landscape, marking a consolidation that aims to leverage the strengths of both institutions to serve a broader customer base more effectively.
The information for this article is based on a press release statement.
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