Form 4: William Penn Bancorporation Director Disposes of Shares and Options Following Merger with Mid Penn Bancorp

Director William J Feeney reports the disposal of William Penn Bancorporation shares and stock options following the merger with Mid Penn Bancorp, with shares converted to Mid Penn common stock at an exchange ratio of 0.426.

Summary

• William J Feeney, a director of William Penn Bancorporation, reported changes in beneficial ownership following the merger with Mid Penn Bancorp.
• The transactions occurred on April 30, 2025.
• Feeney disposed of 61,938 shares of William Penn common stock at $0 per share due to the merger agreement.
• He also disposed of 8,343 and 3,034 shares held indirectly through stock awards.
• Stock options were also disposed of, including 34,760 options with an exercise price of $11.82 and 9,480 options with an exercise price of $12.44.
• These options were converted into Mid Penn stock options.
• The merger agreement stipulated that each share of William Penn common stock was converted into the right to receive 0.426 shares of Mid Penn common stock.
• Restricted stock awards of William Penn were assumed by Mid Penn and converted into time-based restricted stock awards of Mid Penn.
• William Penn stock options were converted into Mid Penn stock options, with adjustments to the number of shares and exercise price based on the exchange ratio.

Sentiment

Score: 6

Explanation: The document is neutral, reporting factual information about the completion of a merger and the resulting transactions. There is no inherent positive or negative sentiment.

Future Outlook

The document primarily reports on the completion of the merger; no specific future outlook is provided beyond the implications of the merger itself.

Industry Context

This announcement reflects ongoing consolidation trends within the banking industry, where smaller institutions merge with larger ones to achieve economies of scale and increased market presence.

Comparison to Industry Standards

• Mergers between regional banks are common, with exchange ratios varying based on relative valuations and negotiation outcomes.
• The conversion of stock options and restricted stock awards is a standard practice in mergers to ensure continuity for employees and directors.
• Comparable transactions include recent mergers among community and regional banks, where similar adjustments to equity awards were implemented.

Stakeholder Impact

• Shareholders of William Penn Bancorporation have their shares converted to Mid Penn Bancorp shares.
• Employees with stock options and restricted stock awards have their awards converted to Mid Penn awards.
• The merger may impact customers through changes in services and branch locations.

Key Dates

Keywords

Merger, William Penn Bancorporation, Mid Penn Bancorp, Director, Stock Options, Shares, Beneficial Ownership, Form 4