07:02 AM EDT, 11/01/2024 (MT Newswires) -- Mid Penn Bancorp ( MPB ) and William Penn Bancorporation (WMPN) said Friday that they have entered into a definitive agreement for William Penn to merge with Mid Penn in an all-stock transaction valued at about $127 million, or $13.58 per William Penn share.

Shareholders will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock, and all William Penn options will be rolled into Mid Penn equivalent options.

The merger has been unanimously approved by each company's board of directors and is expected to close in the first half of 2025.

Mid Penn expects the merger to be immediately accretive to its estimated earnings per share.