Mid Penn Completes $120M William Penn Merger
Deal News | May 02, 2025 | EIN
Mid Penn Bancorp, a financial services provider based in Pennsylvania, has successfully completed its acquisition of William Penn Bancorporation in an all-stock transaction valued at approximately $120 million. The merger, initially announced in November, aims to expand Mid Penn's market reach within South Jersey and the Greater Philadelphia regions. This strategic acquisition establishes a consolidated entity possessing assets totaling around $6.3 billion. As part of the integration process, subsidiary William Penn Bank will merge into Mid Penn Bank. Kenneth Stephon, previously chairman, president, and CEO of William Penn Bancorporation and its bank, assumes new roles on the boards of Mid Penn Bancorp and Mid Penn Bank, and will also serve as vice chair and chief corporate development officer for Mid Penn. Rory Ritrieve, Mid Penn's Chair, President, and CEO, emphasized the shared commitment of the institutions to community banking, welcoming William Penn Bank stakeholders into the Mid Penn fold.
Sectors
- Financial Services
- Banking
Geography
- Pennsylvania, USA – Mid Penn Bancorp is based in Pennsylvania, the locale of operation for the combined entity post-merger.
- South Jersey, USA – The acquisition aims to expand Mid Penn's footprint into South Jersey.
- Greater Philadelphia, USA – An expansion target area for Mid Penn Bancorp through the acquisition.
Industry
- Financial Services – The merger involves two entities operating within the banking sector, focusing on community banking and financial services.
- Banking – The transaction involves banks and aims to expand market presence through consolidation.
Financials
- $120 million – The value of the all-stock transaction for the acquisition of William Penn Bancorporation.
- $6.3 billion – The total consolidated assets of the combined company post-merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mid Penn Bancorp | Acquirer | Company | A Pennsylvania-based community bank engaging in the acquisition of William Penn Bancorporation. |
| William Penn Bancorporation | Target | Company | A financial institution acquired by Mid Penn Bancorp to expand its market reach. |
| William Penn Bank | Subsidiary | Company | A subsidiary that will merge into Mid Penn Bank as part of the acquisition. |
| Rory Ritrieve | Chair, President, and CEO | Person | Chair, President, and CEO of Mid Penn Bancorp leading the acquisition. |
| Kenneth Stephon | Vice Chair and Chief Corporate Development Officer | Person | Former Chairman, President, and CEO of William Penn, now assuming roles within Mid Penn leadership. |