Form 4: William Penn Bancorporation EVP and CFO Jonathan Thomas Logan Reports Disposition of Shares and Derivative Securities Following Merger with Mid Penn Bancorp

Jonathan Thomas Logan, EVP and CFO of William Penn Bancorporation, reports the disposition of common stock and stock options due to the merger with Mid Penn Bancorp, Inc.

Summary

• Jonathan Thomas Logan, EVP and CFO of William Penn Bancorporation, filed a Form 4 detailing changes in beneficial ownership following the merger with Mid Penn Bancorp, Inc.
• The merger, effective April 30, 2025, resulted in the conversion of William Penn common stock into the right to receive 0.426 shares of Mid Penn common stock.
• Logan disposed of 17,322 shares of William Penn common stock directly and 27,303 shares, 4,404 shares, and 5,517 shares indirectly through stock awards, 401(k), and ESOP, respectively.
• He also disposed of stock options for 113,760 shares of William Penn common stock with an exercise price of $11.61.
• The stock options and restricted stock awards were assumed by Mid Penn and converted into Mid Penn stock options and restricted stock awards, respectively, with adjusted share numbers and exercise prices based on the exchange ratio.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing related to a previously announced merger. The sentiment is neutral as it simply reports the facts of the transaction.

Future Outlook

The merger between William Penn Bancorporation and Mid Penn Bancorp, Inc. has been completed, with William Penn merging into Mid Penn.

Industry Context

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

Comparison to Industry Standards

• Mergers between regional banks are common, such as the recent merger of Columbia Banking System and Umpqua Holdings Corporation, creating a larger regional player.
• The exchange ratio of 0.426 shares is within the typical range for bank mergers, reflecting the relative valuations of the two companies.
• The conversion of stock options and restricted stock awards is a standard practice in mergers to ensure continuity of employee incentives.

Stakeholder Impact

• Shareholders of William Penn Bancorporation received shares of Mid Penn Bancorp, Inc. based on the exchange ratio.
• Employees with stock options and restricted stock awards had their awards converted to Mid Penn Bancorp, Inc. awards.
• The merger is expected to create a stronger, more competitive banking institution.

Key Dates

Keywords

Form 4, Merger, William Penn Bancorporation, Mid Penn Bancorp, Disposition, Stock Options, Common Stock, Beneficial Ownership, Logan Jonathan Thomas, EVP, CFO