William Penn Bancorp to acquire pair of Philadelphia-area mutuals
William Penn Bancorp in Bristol, Pa., has agreed to buy Fidelity Savings and Loan Association of Bucks County in Bristol and Washington Savings Bank in Philadelphia.
The parent of the $418 million-asset William Penn Bank said in a press release Thursday that it expects to complete the acquisitions in the second quarter. William Penn did not disclose the prices it will pay.
Fidelity has one branch and $86 million in assets. Washington has four branches and $159 million in assets.
The mergers “represent a rare and special opportunity,” Kenneth Stephon, William Penn’s president and CEO, said in the release.
“Fidelity and Washington are an excellent complement to our existing franchise and are an ideal fit with our culture as a relationship-driven community bank," Stephon added.
As part of the transactions, William Penn will issue shares of common stock to its mutual holding company in an amount equal to the fair value of Fidelity and Washington.
Sandler O’Neill and Kilpatrick Townsend & Stockton advised William Penn Bancorp. The Kafafian Group advised Fidelity and Washington. Pillar + Aught was Fidelity’s legal counsel, while Jones Walker represented Washington.