William Penn Bancorp, Inc. Announces Receipt of Regulatory Approvals

LEVITTOWN, PA / ACCESSWIRE / May 25, 2018 / William Penn Bancorp, Inc. (the "Company") WMPN announced today that it has received the two remaining regulatory approvals necessary in connection with its previously announced merger of Audubon Savings Bank ("ASB") with and into the Company's wholly-owned subsidiary, William Penn Bank. The New Jersey Department of Banking and Insurance approved both William Penn Bank's application to merge with ASB as well as ASB's application to convert to a savings association in connection with the merger. The Company previously announced that it had received the approval of the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation ("FDIC"). The merger is expected to close early in the third quarter of calendar 2018. The completion of the merger is subject to certain customary closing conditions, including approval by the ASB members.

William Penn Bancorp, Inc. is the holding company for William Penn Bank, which serves Bucks County, Pennsylvania through its main office in Levittown, and additional branch offices in Morrisville and Richboro, Pennsylvania. The Company's executive offices are located at 1309 S. Woodbourne Road, Levittown, Pennsylvania 19057. William Penn Bank's deposits are insured up to the legal maximum (generally $250,000 per depositor) by the FDIC. The primary federal regulator for William Penn Bank is the FDIC.

Senior Management: Terry L. Sager, President and Chief Executive Officer; James Douglas, Vice President and Chief Lending Officer; and Peter Meier, Interim Chief Financial Officer.

Board of Directors: William J. Feeney (Chairman), Craig Burton, Charles Corcoran, Glenn Davis, William B. K. Parry, Jr., and Terry L. Sager. Mr. Corcoran, who had announced his intended retirement this month, has determined not to retire from the Board of Directors and will continue his service on the Board of the Company as well as William Penn Bank and William Penn MHC.

Forward-Looking Statements

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 and ASB, or other effects of the proposed merger on the Company and ASB. 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: the ability to satisfy the various closing conditions to the merger, including approval by the members of ASB; delay in closing the merger; 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 and ASB conduct their 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, President
215-269-1200

SOURCE: William Penn Bancorp, Inc.