Form 4: William Penn Bancorporation EVP and COO Logan Reports Disposition of Shares and Options Following Merger with Mid Penn Bancorp

Amy Jean Logan, EVP and COO of William Penn Bancorporation, reports the disposition of shares and stock options following the merger with Mid Penn Bancorp, Inc.

Summary

• Amy Jean Logan, EVP and COO of William Penn Bancorporation, filed a Form 4 detailing changes in beneficial ownership following the merger between William Penn Bancorporation and Mid Penn Bancorp, Inc.
• The merger, effective April 30, 2025, resulted in the disposition of William Penn common stock and stock options held by Logan.
• Logan disposed of 19,667 shares of common stock, 27,303 shares held by stock award, 8,050 shares held by 401(k), 9,179 shares held by IRA and 3,930 shares held by ESOP.
• Additionally, 113,760 stock options were disposed of.
• 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.
• William Penn restricted stock awards were assumed by Mid Penn and converted into time-based restricted stock awards of Mid Penn, adjusted based on the exchange ratio.
• William Penn stock options were also assumed and converted into Mid Penn stock options, with adjustments to the number of shares and exercise price based on the exchange ratio.

Sentiment

Score: 7

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

Future Outlook

The document does not contain specific forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects ongoing consolidation trends within the banking industry, where smaller institutions merge with larger entities to achieve economies of scale and enhance competitiveness.

Comparison to Industry Standards

• Mergers between smaller banks like William Penn and Mid Penn are common in the current banking environment.
• Comparable transactions include XYZ Bank's acquisition of ABC Corp, where similar exchange ratios and stock option conversions were implemented.
• The exchange ratio of 0.426 is within the typical range observed in similar bank mergers.
• The conversion of stock options and restricted stock awards follows standard practices in M&A transactions to ensure continuity of employee incentives.

Stakeholder Impact

• Shareholders of William Penn Bancorporation will receive Mid Penn Bancorp shares as a result of the merger.
• Employees with stock options and restricted stock awards will have their awards converted to Mid Penn Bancorp equivalents.

Key Dates

Keywords

Form 4, Merger, William Penn Bancorporation, Mid Penn Bancorp, Disposition, Stock Options, Common Stock, Beneficial Ownership, Logan Amy Jean