William Penn Bancorp, Inc. Announces Oversubscription of William Penn Bancorporation Second-Step Conversion Offering
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.
- Oversubscription indicates strong investor interest in the offering.
- Successful transition to a publicly owned structure may enhance capital access.
- Community offering orders were not accepted, indicating potential unmet demand.
- Regulatory approvals are still pending, which could delay the conversion process.
BRISTOL, PA / ACCESSWIRE / March 12, 2021 / William Penn Bancorp, Inc. (OTC PINK:WMPN) (the "Company"), the parent company for William Penn Bank (the "Bank"), announced today that William Penn Bancorporation's subscription and community offering was oversubscribed in the subscription offering. Orders received in the subscription offering will be allocated amongst subscribers in the manner set forth in the plan of conversion as described in the offering prospectus. Orders received in the community offering were not accepted and will be promptly returned.
William Penn Bancorporation, the proposed new holding company for the Bank, is in the process of raising additional capital in connection with the Bank's second-step conversion from its current mutual holding company structure to a
Completion of the conversion and offering is subject to, among other things, the receipt of final regulatory approvals and the satisfaction of customary closing conditions.
Piper Sandler & Co. is assisting William Penn Bancorporation in selling its common stock in the offering on a best efforts basis.
William Penn Bancorp, Inc., headquartered in Bristol, Pennsylvania, is the holding company for William Penn Bank, which serves the Delaware Valley area through twelve full-service branch offices in Bucks County and Philadelphia, Pennsylvania, and Burlington and Camden Counties in New Jersey. The Company's executive offices are located at 10 Canal Street, Bristol, Pennsylvania 19007. William Penn Bank's deposits are insured up to the legal maximum (generally
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, delays in consummation of the conversion and offering, difficulties in selling the common stock or in selling the common stock within the expected time frame, increased competitive pressures, the effects of the COVID-19 pandemic (including its impact on our business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market conditions), changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows, changes in the quality or composition of our loan or investment portfolios and our ability to successfully integrate the business operations of Fidelity Savings and Loan Association of Bucks County and Washington Savings Bank, both of which we acquired on May 1, 2020, into our business operations. Additionally, other risks and uncertainties may be described in the Company's Annual Report to Shareholders, which is available through the Company's website www.williampenn.bank, and the prospectus of William Penn Bancorporation, which is available through the U.S. Securities and Exchange Commission's website (www.sec.gov). Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is being made only by means of the written prospectus forming part of the registration statement (and, in the case of the subscription and community offering, an accompanying stock order form).
The shares of common stock of William Penn Bancorporation are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
CONTACT: Kenneth J. Stephon
President and Chief Executive Officer
PHONE: 267-540-8500
SOURCE: William Penn Bancorp, Inc.
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FAQ
What is the meaning of the oversubscription in William Penn Bancorp's offering?
What is the significance of the second-step conversion for William Penn Bancorp?
What will happen to the community offering orders that were not accepted?
Who is assisting William Penn Bancorp with its stock offering?
Are the shares of William Penn Bancorp insured?
