LEVITTOWN, PA / ACCESSWIRE / September 19, 2018 / William Penn Bancorp, Inc. (OTC PINK: WMPN) (the ''Company''), the mid-tier holding company for William Penn Bank (the ''Bank''), announced today that effective October 1, 2018, Kenneth J. Stephon will be named President of the Company, the Bank, and William Penn, MHC (together, ''William Penn''). Current President and Chief Executive Officer, Terry L. Sager, will remain in her role as CEO until her retirement in early February 2019. At that time, Mr. Stephon will succeed Mrs. Sager as Chief Executive Officer of William Penn. Mrs. Sager will work closely with Mr. Stephon throughout the transition period, and will subsequently remain with William Penn as a member of the Board of Directors.
Mr. Stephon joined William Penn as Senior Executive Vice President, Chief Operating Officer, and Director on July 1, 2018 as part of its merger with Audubon Savings Bank, where Mr. Stephon was President, CEO, and a director. He brings to William Penn over 35 years of community banking experience. He received a B.S. Degree in Accounting from Trenton State College (The College of New Jersey) and an MBA from Rider University.
''Ken has joined us at a time when we are poised to take the next step in our company's growth,'' said Mrs. Sager. ''Through our merger with Audubon Savings, we have surpassed $400 million in assets. With Ken's strategic vision and extensive community banking experience, we believe that we will continue to successfully grow our franchise, while remaining committed to the community banking model that serves our communities so well.''
''I am honored to have joined William Penn because it represents everything that is essential to community banking,'' said Mr. Stephon. ''Our enviable capital ratios and financial strengths enable the organization to grow while delivering exceptional service. I am grateful to be a part of this company and I look forward to continue working with our extraordinary team of employees and directors.''
William Penn Bank conducts a traditional community bank operation, offering retail banking services, one- to four-family mortgage loans, multi-family, commercial and other real estate mortgage loans, construction loans, automobile loans, second mortgage loans and other consumer loans. William Penn Bank operates from its main office in Levittown, Pennsylvania and additional branch offices in Morrisville and Richboro, Pennsylvania, and Audubon, Mount Laurel, and Pine Hill, New Jersey.William Penn Bank maintains a website at www.willpenn.com and its deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation. The Company's common stock is traded on the OTC Pink under the symbol ''WMPN.''
Senior Management: Terry L. Sager, Chief Executive Officer; Kenneth J. Stephon, President and Chief Operating Officer; Jan Summers, Executive Vice President and Chief Financial Officer; and James Douglas, Senior Vice President and Chief Lending Officer.
Board of Directors: William J. Feeney (Chairman), Craig Burton, D. Michael Carmody, Charles Corcoran, Glenn Davis, William B. K. Parry, Jr., Terry L. Sager, Vincent P. Sarubbi and Kenneth J. Stephon.
This press release contains ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance, conditions relating to the Company, or effects of the merger with Audubon Savings Bank (''ASB'') on the Company. These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond the Company's control). The words ''may,'' ''could,'' ''should,'' ''would,'' ''will,'' ''believe,'' ''anticipate,'' ''estimate,'' ''expect,'' ''intend,'' ''plan'' and similar expressions are intended to identify forward-looking statements.
In addition, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: difficulties and delays in integrating the ASB business or fully realizing anticipated cost savings and other benefits of the merger; business disruptions following the merger; the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes, monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities; changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of the Company's loan, investment and mortgage-backed securities portfolios; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and fees; and the success of the Company at managing the risks involved in the foregoing.
The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances arising after the date hereof.
FOR FURTHER INFORMATION CONTACT:
Terry L. Sager - Chief Executive Officer
Kenneth J. Stephon - President and COO
SOURCE: William Penn Bancorp, Inc.