LEVITTOWN, PA / ACCESSWIRE / March 19, 2018 / William Penn, MHC (the "MHC"), the majority shareholder of William Penn Bancorp, Inc. (the "Company") (OTC PINK: WMPN), announced today that its Board of Directors has approved the purchase of up to 50,000 shares, or approximately 6%, of the Company's issued and outstanding common stock, excluding shares held by the MHC. The purchases will be made from time to time in open market or privately negotiated transactions or otherwise at the discretion of management during the next twelve months, or such shorter or longer time as the MHC may decide, subject to the availability of stock and market conditions. The timing of the purchases will depend on market conditions and other requirements. The purchased shares held by the MHC will continue to be issued and outstanding and will increase the MHC's percentage ownership of the Company.
On December 6, 2017, the Company and Audubon Savings Bank ("ASB") jointly announced the execution of a definitive merger agreement pursuant to which ASB will merge with and into William Penn Bank, the Company's wholly owned subsidiary. The Company, the MHC, William Penn Bank (collectively William Penn") and ASB have submitted to the Board of Governors of the Federal Reserve System (the "FRB"), the Federal Deposit Insurance Corporation (the "FDIC"), the Pennsylvania Department of Banking and Securities and the New Jersey Department of Banking and Insurance the required regulatory applications to effect the merger of ASB with William Penn Bank. The merger is expected to close late in the second quarter of 2018 or early in the third quarter. The completion of the merger is subject to certain customary closing conditions, including approval by the ASB members and the receipt of all required regulatory approvals. William Penn has received the approval of the FRB and the FDIC.
William Penn, MHC is a federally chartered mutual holding company and majority shareholder of William Penn Bancorp, Inc. William Penn Bancorp, Inc. is the mid-tier holding company for William Penn Bank which operates from its main office in Levittown, Pennsylvania, and branch offices located in Morrisville and Richboro, Pennsylvania. William Penn Bank's deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation. William Penn Bancorp's common stock is traded on the OTC Pink Marketplace under the symbol "WMPN".
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance, conditions relating to the Company and ASB, or other effects of the proposed merger on the Company and ASB. These forward-looking statements include statements with respect to William Penn, MHC's beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond William Penn, MHC's control). The words "may," "could," "should," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions are intended to identify forward-looking statements.
In addition, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the ability to obtain regulatory approvals and satisfy other closing conditions to the merger, including approval by the members of ASB; delay in closing the merger; difficulties and delays in integrating the ASB business or fully realizing anticipated cost savings and other benefits of the merger; business disruptions following the merger; the strength of the United States economy in general and the strength of the local economies in which the Company and ASB conduct their operations; general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of the Company's loan, investment and mortgage-backed securities portfolios, changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and fees; and the success of the Company at managing the risks involved in the foregoing.
William Penn, MHC does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
FOR FURTHER INFORMATION, CONTACT:
Terry L. Sager, President and CEO
(215) 945-1200
SOURCE: William Penn Bancorp, Inc.
