Welcome to our dedicated page for William Penn Bancorporation news (Ticker: WMPN), a resource for investors and traders seeking the latest updates and insights on William Penn Bancorporation stock.
William Penn Bancorporation operates as an independent community financial services provider, offering traditional banking services to individual, business, and government customers through its branch network. The bank provides a range of financial services, including deposits, loans, and other financial products.
Headquartered in Bristol, Pennsylvania, William Penn Bank serves the Delaware Valley with twelve full-service branch offices. The bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC), and its primary federal regulator is the FDIC.
The Company recently authorized a new stock repurchase program to acquire up to 1,046,610 shares of its common stock. This initiative follows the completion of previous stock repurchase programs and underscores the Company's commitment to enhancing shareholder value.
William Penn Bancorporation (WMPN) reported a net income of $666,000 for Q2 2021, reversing a net loss of $1.3 million from Q2 2020. For the year, net income increased to $3.8 million, up from $1.3 million. A special dividend of $0.30 per share was declared, payable on August 18, 2021. Total assets grew 11.7% to $822.4 million, while tangible capital to tangible assets soared to 25.85%. Although loan demand remains weak due to COVID-19, net interest income rose by 45.6% year-over-year. The company emphasized its commitment to prudent capital management and enhancing shareholder value.
William Penn Bancorporation (NASDAQ: WMPN) announced the appointment of Jeannine Cimino as Executive Vice President and Chief Retail Officer, effective July 5, 2021.
Previously, Cimino held the position of Regional President at Berkshire Bank. In her new role, she will focus on promoting brand awareness, expanding market share, and driving organic growth, overseeing a branch network with $548 million in deposits.
The leadership change aims to strengthen the company’s management team in pursuit of new customer relationships.
William Penn Bancorporation (NASDAQ:WMPN) announced the appointment of Amy Hannigan as Executive Vice President and Director of Corporate Development, effective May 10, 2021. Hannigan brings over 30 years of experience, having previously served as Senior VP at WSFS Financial Corporation, where she led financial integrations for acquisitions. This strategic hire aims to enhance the company's growth and expansion efforts, focusing on key areas such as Capital Management and Mergers & Acquisitions. CEO Ken Stephon emphasized her expertise will contribute to accelerating the company's momentum.
William Penn Bancorporation (NASDAQ:WMPN) reported Q3 and YTD financial results for the period ending March 31, 2021. The Company achieved net income of $1.1 million ($0.07 per diluted share) and $3.1 million ($0.21 per diluted share), marking increases from $837 thousand and $2.6 million in the same periods last year. The stock offering from its second-step conversion raised $126.4 million, significantly boosting capital. However, loan demand remains low due to the pandemic, with gross loans declining by 6.4%. Overall, net interest income rose by 48.9% attributable to recent acquisitions.
William Penn Bancorporation has successfully completed its "second-step" conversion, transitioning into a stock holding company. The company sold 12,640,035 shares of common stock at $10.00 per share, generating $126.4 million in gross proceeds. Public shareholders of the previous entity received approximately 3.2585 shares of the new company for each share they owned. Trading of the new stock under the symbol WMPN is set to begin on March 25, 2021. Additionally, the Bank's Employee Stock Ownership Plan intends to buy up to 1,011,202 shares in the open market.
William Penn Bancorp, Inc. (OTC PINK:WMPN) announced the results of its subscription offering related to the second-step conversion of its mutual holding company, expected to close on March 24, 2021. The offering, oversubscribed with 12,640,035 shares priced at $10.00 each, will shift the common stock from OTC Pink to Nasdaq Capital Market. Following the conversion, existing shareholders will exchange their shares at an exchange ratio of 3.2585. Preliminary earnings for Q1 2021 are projected between $700K-$750K, a decrease from $1.4M in Q4 2020, primarily due to lower net interest margins.
William Penn Bank announces the appointment of Alan Turner as Executive Vice President and Chief Lending Officer, enhancing its leadership team. Turner brings 20 years of experience from Two River Community Bank, where he grew the loan portfolio from $20 million to over $970 million. His role will involve overseeing all lending operations, including commercial and residential lending. Chairman Kenneth J. Stephon expressed confidence in Turner's ability to drive growth in the Bank's lending activities.
William Penn Bancorp (WMPN) announced an oversubscription in its second-step conversion offering for William Penn Bancorporation. The offering received more orders than available shares, with community offering orders being returned. This conversion aims to transition from a mutual holding structure to a fully publicly owned entity. Regulatory approvals are pending for the completion of this conversion. Piper Sandler & Co. is facilitating the stock sales. As a reminder, shares are not insured by the FDIC.
William Penn Bancorp, Inc. (OTC Pink: WMPN) announced an extension for its subscription and community offering deadline to February 22, 2021 due to postal service delays. The offering, which began on January 25, 2021, plans to raise between 9,350,000 and 12,650,000 shares at $10.00 per share in connection with the Bank's conversion to a publicly owned company. Orders already submitted remain unchanged. The completion of this offering depends on member and shareholder approvals and regulatory clearance.
William Penn Bancorp, Inc. (OTC Pink:WMPN) has announced a unanimous adoption of a Plan of Conversion and Reorganization by its Board of Directors and the Board of the MHC. This Plan involves converting from a mutual holding company structure to a fully public stock holding company. The Bank will become a wholly owned subsidiary of the new holding company, William Penn Bancorporation. The stock offering will prioritize depositors with qualifying deposits as of June 30, 2019. Approval from depositors, shareholders, and the Federal Reserve is required for the conversion.
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