Headquartered in Susquehanna Township Mid Penn Bench plans to acquire a Bucks County financial institution.

Mid Penn Bancorp (parent company of Mid Penn Bank) and William Penn Bancorporation (parent company of William Penn Bank) have entered into an agreement under which William Penn will merge with Mid Penn in an all-stock transaction valued at approximately $127 million, based on Mid Penn’s closing stock price as of October 30.

The merger has been unanimously approved by the board of directors of each company and is expected to close in the first half of 2025.

Completion of the transaction is subject to customary closing conditions, including receipt of required regulatory approvals and approval by Mid Penn and William Penn stockholders.

Under the terms of the merger agreement, William Penn shareholders will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock.

William Penn is headquartered in Bristol and operates 12 branch offices in Pennsylvania and New Jersey. As of September 30, William Penn had approximately $812 million in total assets, $465 million in total loans and $630 million in total deposits.

“This merger will strengthen Mid Penn’s presence in the attractive Philadelphia metropolitan area market, aligning with our strategic plan for disciplined growth in the southeastern Pennsylvania region and the southern New Jersey region,” Rory G. Ritrievi, president, and said the CEO of Mid Penn Bank, in a press release.

Mid Penn Bank operates 45 retail locations in Pennsylvania and central New Jersey, and has total assets of approximately $5 billion. Mid Penn Bank had 2.3 million dollars in deposits in the fiscal year ending June 30, at its 18 branches in the region that includes Cumberland, Dauphin, Perry, Lebanon, Lancaster and York counties for a 4.7% market share, according to the Federal Deposit Insurance Corporation. Mid Penn Bank led Dauphin County with a 24.3% market share.