Brings William Penn Into Northeast Philadelphia For First Time
May 5, 2020
William Penn MHC, the holding company of William Penn Bank based in Bristol, Pennsylvania, has completed its acquisitions of Fidelity Savings and Loan Association of Bucks County and Washington Savings Bank.
“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 CEO of William Penn, in a statement. “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.”
At the effective time of the mergers, Fidelity and Washington were merged with and into William Penn, and depositors of Fidelity and Washington became depositors of the bank. 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, William Penn Bancorp Inc. and the holding company each became a Pennsylvania chartered bank holding company.
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.
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