Form 4: William Penn Bancorporation EVP Alan Turner Disposes of Shares and Options in Merger with Mid Penn Bancorp

Alan Turner, EVP and CLO of William Penn Bancorporation, reports the disposal of common stock and stock options due to the merger with Mid Penn Bancorp, Inc.

Summary

• Alan Turner, an executive at William Penn Bancorporation, filed a Form 4 detailing changes in beneficial ownership.
• The transactions are related to the merger between William Penn Bancorporation and Mid Penn Bancorp, Inc.
• Turner disposed of 31,017 shares of common stock directly and other shares indirectly through an IRA, Roth IRA, Spouse Benefit Plan and ESOP.
• Additionally, Turner disposed of stock options for 63,200 shares with an exercise price of $11.61.
• The merger agreement stipulates that William Penn shares will be converted into 0.426 shares of Mid Penn common stock, with cash paid for fractional shares.
• Outstanding William Penn stock options were assumed and converted into Mid Penn stock options, adjusted for the exchange ratio.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing related to a merger. The sentiment is neutral as it simply reports transactions.

Future Outlook

The document describes the completion of a merger, so the future outlook involves the integration of William Penn Bancorporation into Mid Penn Bancorp.

Industry Context

The merger reflects a trend of consolidation in the banking industry, where smaller institutions combine to achieve greater scale and efficiency.

Stakeholder Impact

• Shareholders of William Penn Bancorporation will receive Mid Penn Bancorp shares as a result of the merger.
• Employees of William Penn Bancorporation may experience changes as the two companies integrate.

Key Dates

Keywords

Merger, William Penn Bancorporation, Mid Penn Bancorp, Form 4, Beneficial Ownership, Stock Options, Common Stock, Turner, Alan B