IPOs

Pennsylvania bank William Penn Bancorporation files to list on the Nasdaq

William Penn Bancorporation, a Pennsylvania -based bank with twelve full-service branches, filed to list on the Nasdaq in a subscription offering on Thursday. 

Note: Renaissance Capital will not track William Penn Bancorporation's listing in our 2020 IPO stats, because it is not a fully underwritten offering; it is a subscription offering being made on a best efforts, min-max basis.


The company expects to raise between $90 million and $127 million by offering shares in connection with its conversion from a mutual holding company into a publicly traded stock form of organization. The bank is currently listed on the OTC under the symbol WMPN and plans to list on the Nasdaq under the symbol WMPN upon completion of the conversion. Piper Sandler is the company's conversion advisor and marketing agent in the offering. 

The shares of common stock are first being offered in a "subscription offering" to eligible depositors and certain borrowers of William Penn Bank and to its tax-qualified employee stock ownership plan. Shares not purchased in the subscription offering may be offered for sale to the general public in a "community offering," with a preference given to residents of the communities served by William Penn. Any shares of common stock not purchased in the subscription or community offerings may be offered to the public through a syndicate of broker-dealers in the "syndicated offering."

Founded in 1870, William Penn Bank’s principal business consists of originating one- to four-family residential real estate mortgage loans and home equity lines of credit, and to a lesser extent, non-residential real estate, multi-family and construction loans. The company also offers commercial loans and other consumer loans, as well as a variety of retail deposits to the general public in the areas surrounding the main and branch offices, located in Pennsylvania and New Jersey. At June 30, 2020, William Penn Bancorp had consolidated total assets of $737 million, net loans of $509 million, total deposits of $560 million and total stockholders’ equity of $96 million. For the year ended June 30, 2020, net income was $1.3 million, and return on average assets was 0.27%.

The article Pennsylvania bank William Penn Bancorporation files to list on the Nasdaq originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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