Merger of two Pennsylvania banks receives approval

HARRISBURG, Pa. (WHTM) — Merger plans for two Pennsylvania-based banks have officially received regulatory approval.

abc27 News reported back in November 2024 when the Harrisburg-based Mid Penn Bancorp, Inc. (Mid Penn) announced that they had entered into a definitive agreement to acquire the Bristol, Pa.-based William Penn Bancorporation (William Penn).

As per the agreement, William Penn would merge with and into Mid Penn in an all-stock transaction valued at about $127 million.

On Friday, March 28,

it was announced that both parties received all required approvals from the applicable bank regulatory agencies to complete the proposed merger of William Penn Bank into Mid Penn Bank.

The merger is now pending approval from Mid Penn and Williams Penn shareholders, in addition to certain other customary closing conditions.

The merger transaction is expected to close in Q2 of 2025.

“We are pleased to have received regulatory approval of our merger that supports our growth objectives, complements our franchise, and propels long-term shareholder value,” Mid Penn President and CEO Rory G. Ritrievi said. “Mid Penn and William Penn continue to work collectively towards a second-quarter closing of this transaction and are meeting timelines and milestones as expected.”

Mid Penn Bank said this merger will extend its footprint into the Greater Philadelphia Metro market and expand its presence in Southeastern Pennsylvania and Central New Jersey.

Once the merger is complete, Mid Penn is projected to have $6.3 billion in assets.

abc27 news will keep you updated as more information becomes available.