BRISTOL, PA, May 1, 2020 – William Penn, MHC (the “MHC”), William Penn Bancorp, Inc. (the “Company”) (OTC PINK: WMPN) and William Penn Bank (the “Bank” and, collectively, “William Penn”), announced today that William Penn has completed its acquisitions of Fidelity Savings and Loan Association of Bucks County (“Fidelity”) and Washington Savings Bank (“Washington”).
At the effective time of the mergers, Fidelity and Washington were merged with and into the Bank, and depositors of Fidelity and Washington became depositors of the Bank, with the same rights and privileges in the MHC as if their accounts had been established in the Bank on the date established at Fidelity and Washington, respectively. In addition, as part of the transactions, the Company issued an aggregate of 509,191 shares of its common stock to the MHC.
In connection with the acquisitions, immediately before the effective time of the mergers, the Company and the MHC each became a Pennsylvania chartered bank holding company.
“Through this strategic combination with Fidelity and Washington, William Penn Bank will be serving communities in four counties across the Delaware Valley, including, for the first time, Northeast Philadelphia,” said Kenneth J. Stephon, President and Chief Executive Officer of William Penn. “We are very pleased at the overwhelming support for the mergers from the depositors of both Fidelity Savings and Loan and Washington Savings Bank. We look forward to bringing together the resources of all three banks for the benefit of our customers, our employees, and our communities.”
Piper Sandler Companies served as financial advisor to William Penn and The Kafafian Group, Inc. served as financial advisor to both Fidelity and Washington. Kilpatrick Townsend & Stockton LLP acted as legal counsel to William Penn, Pillar + Aught acted as legal counsel to Fidelity, and Jones Walker LLP, Washington, DC, acted as legal counsel to Washington.
About William Penn Bancorp, Inc.
William Penn Bancorp, Inc. is a Pennsylvania corporation organized as William Penn Bank’s mid-tier stock holding company. The Company is a majority-owned subsidiary of William Penn, MHC. William Penn Bank is a state-chartered savings bank headquartered in Bristol, Bucks County, PA. The Bank offers traditional financial services to consumers and businesses in the Delaware Valley area through its six full-service banking offices. When combined with Fidelity and Washington, it will be the second largest mutual savings bank in the Delaware Valley area and the seventh largest mutual savings bank in Pennsylvania with 11 branches, $705 million in assets, $516 million in deposits, and equity of $101 million.
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to,
expectations or predictions of future financial or business performance, conditions relating to the Company, Fidelity and Washington, or other effects of the proposed mergers on the Company and on Fidelity and Washington. These forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Company’s control). The words “may,” “could,” “should,” “would,” “will,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” and similar expressions are intended to identify forward-looking statements. In addition, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: difficulties and delays in integrating the business of Fidelity and Washington or fully realizing anticipated cost savings and other benefits of the mergers; business disruptions following the mergers; the strength of the United States economy in general and the strength of the local economies in which the Company and Fidelity and Washington conduct their operations; general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios, changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees; the impact of pandemics or other highly infectious and/or communicable disease; and the success of the Company at managing the risks involved in the foregoing. Annualized, pro forma, projected and estimated numbers presented herein are presented for illustrative purpose only, are not forecasts and may not reflect actual results. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company to reflect events or circumstances occurring after the date of this press release.