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William Penn Bancorporation upgrades to Nasdaq listing
Posted on Friday, 16 October 2020 10:42
William Penn, MHC is taking the second step of reorganising from a mutual holding structure to a stock form of organisation by incorporating and listing William Penn Bancorporation on Nasdaq.

The newly-incorporated Maryland corporation will become the holding company of William Penn Bank, a Pennsylvania-chartered savings bank.

It will succeed to all of the business and operations of William Penn Bancorp, which, along with William Penn, MHC, will cease to exist following the conversion and offering.

Bristol-headquartered William Penn has provided community banking services to individuals and small- to medium-sized businesses in the Delaware Valley area since 1870.

The lender currently conducts business through its 12 branch offices located in Bucks and Philadelphia counties in Pennsylvania, and Burlington and Camden counties in New Jersey.

Its principal business consists of originating one- to four-family residential real estate mortgage loans and home equity lines of credit, and to a lesser extent, ones for non-home real estate, multi-family and construction.

William Penn, MHC’s sole business activity is the ownership of 3.71 million stocks, representing an 82.7 per cent stake in William Penn Bancorp, the owner of William Penn.

It intends to sell up to 12.65 million shares in William Penn Bancorporation at USD 10.00 apiece to upgrade its current quotation from the OTC Pink Marketplace to Nasdaq.

William Penn is pursuing a conversion and offering to strengthen its capital position with additional equity to support planned growth and to improve the liquidity of its stock.

The transition will be to a more familiar and flexible organisational structure, which will facilitate future mergers and acquisitions, as well as its ability to continue to pay dividends to public shareholders.

William Penn Bancorp, the Pennsylvania-chartered bank holding company for William Penn Bank, had consolidated total assets of USD 736.50 million, as at 30th June 2020.

The group also had net loans of USD 508.60 million, total deposits of USD 559.80 million and total stockholders’ equity of USD 96.40 million.

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