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Mid Penn Bancorp announced May 1 completing its acquisition of William Penn Bancorporation.

Announced last November, the acquisition aims to grow Pennsylvania-based Mid Penn’s footprint in South Jersey and the Greater Philadelphia regions.

Key aspects of the deal include:

• Subsidiary William Penn Bank will merge with and into Mid Penn Bank
• All-stock transaction valued at nearly $120 million
• Resulting combined company has consolidated assets totaling nearly $6.3 billion
• Kenneth Stephon, chairman, president and CEO of William Penn and William Penn Bank, joins the boards of directors of Mid Penn and Mid Penn Bank. He will also serve as vice chair of Mid Penn Bank, as well as chief corporate development officer of Mid Penn and Mid Penn Bank

Mid Penn Chair President and CEO Rory Ritrieve said the merger joins two institutions with deep roots in community banking.

“We are pleased to welcome William Penn Bank customers and employees to Mid Penn Bank, and William Penn shareholders to Mid Penn Bancorp Inc.,” he said in a May 1 press release. “As 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.”

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