By Denny Jacob
William Penn Bancorporation agreed to merge with and into Mid Penn Bancorp in an all-stock value deal valued at about $127 million.
William Penn shareholders will receive 0.4260 shares of Mid Penn common stock for every share of William Penn. Based on Mid Penn's closing stock price of $31.88 as of Oct. 30, the implied transaction value is about $13.58 a William Penn share, according to the companies.
The merger, expected to close in the first half of 2025, will create a combined community banking franchise with about $6.3 billion in total assets as of Sept. 30.
The merger is expected to be immediately accretive to Mid Penn's estimated earnings per-share and to have a positive long-term impact on Mid Penn's key profitability and operating ratios. The transaction has been unanimously approved by each company's board.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 01, 2024 06:29 ET (10:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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