Good Credit is Key to Solid Financial Future

ICBA®

Audubon Savings Bank and ICBA Offer Tips for Establishing and Maintaining Good Credit

Washington, D.C. (February 9, 2018): When establishing financial fitness goals, the Independent Community Bankers of America and Audubon Savings Bank want to remind customers: it’s easier to build a credit score than to repair a bad one.

“Having a good credit history is key to any financial plan,” said Robin Fadio, Vice President of Audubon Savings Bank in Audubon, New Jersey. “Credit scores take into consideration years of past behavior, so it’s important to establish a history of responsible credit practices and build your score by maintaining good habits.”

ICBA and Audubon Savings Bank offer the following tips to help build and maintain good credit.

  • If you are just beginning to establish your credit history, open a checking account and keep careful track of your balance.
  • Use debit and credit cards for convenience and safety, but not to overspend. Missed or late payments damage your credit and hurt your credit score.
  • A good mix of credit (i.e., a revolving credit line and an installment loan) also boosts your credit score and further demonstrates that you can manage different types of credit.
  • Demonstrate stability in the three to six months before a major purchase. Avoid opening or closing accounts or moving large amounts of money around.
  • Build an emergency fund equal to at least six months of living expenses. If the unexpected happens, you will still be able to pay fixed expenses instead of falling behind.
  • Alter your credit focus as you approach lifecycle stages. As you near retirement, for example, start paying down major purchases (such as a mortgage).
  • Monitor your credit regularly so you can correct any errors and detect any potential signs of identity theft. Order a copy of your credit report annually from www.annualcreditreport.com.

Establishing good spending and saving habits, and sticking with them, is critical when times are tough and can go a long way toward helping you achieve your financial goals.

Audubon Savings Bank can serve as a great resource to help get you started on the road to establishing good credit, which will serve as the foundation for a more secure financial future.

Local Business Spotlight: Alliance!

Local Business Spotlight

Audubon Savings Bank is pleased to feature our first Local Business Spotlight: Alliance Adult Medical Daycare!

We were happy to host at our Audubon Branch on Friday, February 2nd from 12-2pm to meet with representatives from Alliance! Thanks to all who came!

About Alliance: We at Alliance believe that not only does our program help to improve our client’s physical well-being, but that with them being here, it allows for an emotional balance to form between them socializing with other clients, and stimulating their minds and their spirits. For the families, your loved ones will spend their days in a professional, secure, and non-judgmental environment with the appropriate care allowing for peace of mind. The cost can be covered by Medicaid program, state, or federal health insurance, or private pay. We offer two hot meals a day as well as many activities and trips for our clients to enjoy.

Contact Alliance Today!
Address: 607 S. White Horse Pike, Audubon, New Jersey 08106
Phone: 856-617-6396
Email: TRasmussen.aamdc@gmail.com

You can also check out their Facebook here!



Audubon Savings Bank wants to know about your local business and how you serve the community! Our branches will be offering local businesses the opportunity to showcase their company in our branch lobby on a scheduled Friday. The Bank will promote the event in the branch, on our website and through social media. Contact your local Branch Manager to get details on how to participate in one of our Local Business Spotlight events!

A Letter To Our Customers

Dear Audubon Savings Bank Customer,

We are writing this letter with enormous enthusiasm, because we are about to embark on the next exciting chapter of our history by creating one of the truly great community banks in the Delaware Valley!

A merger with William Penn Bank provides us with a unique and special opportunity to build one of the area’s best community banks. When the merger is complete, the Bank will operate six offices across two states. We will triple the size of our assets, from approximately $160 million to approximately $480 million.

We believe the merger will be great for our current and future customers because you will have access to a broader offering of competitively priced products and services, and our ability to make loans, especially to local businesses, will be vastly enhanced by our expanded capital base.

Our legal lending limit will increase from approximately $1.8 million per borrower to more than $10 million per borrower.

We also believe the merger will be great for our employees, because a larger and stronger bank will result in expanded opportunities for career growth and development.

The combined bank will initially be led by William Penn’s current President and CEO, Terry Sager. Terry has announced that she will retire on February 1, 2019. Audubon’s current President and CEO, Ken Stephon, will initially serve in the capacity of Senior Executive Vice President and Chief Operating Officer of William Penn and, upon Mrs. Sager’s retirement, Ken will become President and CEO of the combined bank. Three of our Directors, Chairman Vince Sarubbi, Vice Chairman Mike Carmody, and Ken Stephon will join the William Penn Bank Board of Directors. Additionally, a Southern New Jersey Advisory Board will be formed and all Audubon Savings board members not serving on the William Penn board will be invited to join.

We look forward with great anticipation to serving your financial needs for many years to come, and we will continue to work in your interest by doing all we can to deliver on the extraordinary potential of this merger.

Signatures

Audubon Savings Bank to Merge with William Penn Bank

Combined Company to have approximately $470 Million in Assets and $70 Million of Tangible Capital

Company Release – 12/6/2017 6:00 p.m.


LEVITTOWN, PA and AUDUBON, NJ, Dec. 7, 2017 – William Penn Bancorp, Inc. (“WMPN”) (OTC Pink: WMPN), the holding company for William Penn Bank, and Audubon Savings Bank (“ASB”) today announced the execution of a definitive merger agreement pursuant to which ASB will merge with and into William Penn Bank. The merger is expected to increase William Penn Bancorp, Inc.’s consolidated assets from approximately $313 million at September 30, 2017 to approximately $470 million. ASB’s existing three branch offices, and staff serving the residents and businesses in the communities of Audubon, Mount Laurel and Pine Hill, New Jersey, will become branch offices of William Penn Bank and will operate under the William Penn Bank name.

The merger was approved by each of the WMPN and ASB Boards of Directors and is expected to close in the second quarter of 2018. The completion of the transaction is subject to certain customary closing conditions, including approval by the ASB members and the receipt of all required regulatory approvals.

Under the agreement, the combined company’s executive leadership team will be headed by Terry L. Sager as President and Chief Executive Officer. Kenneth J. Stephon will join William Penn Bank’s current executive team as Senior Executive Vice President and Chief Operating Officer. Mr. Stephon will succeed Mrs. Sager as President and Chief Executive Officer upon her retirement in early 2019 with Mrs. Sager continuing to serve as a Director. The Board of Directors of the combined company will have 9 members, comprised of WMPN’s existing 6 members and 3 members from ASB, which will be ASB’s current Chairman of the Board, Vincent P. Sarubbi, Kenneth J. Stephon and ASB’s current Vice Chairman, D. Michael Carmody, Jr. WMPN’s current Chairman of the Board, William J. Feeney, will remain the combined company’s Chairman of the Board. Additionally, in connection with the merger, WMPN will form a Southern New Jersey Advisory Board focused on developing business in the New Jersey marketplace. All ASB board members not serving on the William Penn Bank Board will be invited to join.

Mrs. Sager stated “The merger of Audubon Savings and William Penn Bank makes enormous sense strategically, operationally and financially. Our retail businesses and our geographies complement each other. We are excited about the opportunities we will have to continue to build our strong community bank franchise in the Delaware Valley for many years to come.”

Regarding the merger, Mr. Stephon, President and Chief Executive Officer of ASB, said: “This combination brings together two local companies that share the same philosophy and commitment to our communities. Together, the combined company will have the financial resources and flexibility to continue providing top-tier personalized service to our customers and will allow us to be proactive in addressing the challenges of the evolving financial services industry.”

Under the terms of the merger agreement, depositors of ASB will become depositors of William Penn Bank and will have the same rights and privileges in William Penn, MHC, the mutual holding company parent of WMPN, as if their accounts had been established at William Penn Bank on the date established at ASB. As part of the transaction, WMPN will issue additional shares of its common stock to William Penn, MHC in an amount equal to the fair value of ASB as determined by an independent appraiser. These shares are expected to be issued in connection with the completion of the merger.

Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to William Penn Bancorp, Inc. and FinPro Capital Advisors, Inc. served as financial advisor to Audubon Savings Bank. Silver, Freedman, Taff &Tiernan, LLP acted as legal counsel to William Penn Bancorp, Inc. and Kilpatrick Townsend & Stockton LLP acted as legal counsel to Audubon Savings Bank.

Forward-Looking Statements

This communication 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 WMPN and ASB, or other effects of the proposed merger on WMPN and ASB. These forward-looking statements include statements with respect to WMPN’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 WMPN’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 obtain regulatory approvals and satisfy other 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 WMPN 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 WMPN’s loan, investment and mortgage-backed securities portfolios, changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting WMPN’s operations, markets, products, services and fees; and the success of WMPN at managing the risks involved in the foregoing.

Annualized, pro forma, projected and estimated numbers presented herein are presented for illustrative purpose only, are not forecasts and may not reflect actual results.

WMPN does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of WMPN to reflect events or circumstances occurring after the date of this press release.

Christmas Tree Lighting Ceremony!

Christmas Tree Lighting Ceremony

THANK YOU to everyone who came to our 1st Christmas Tree Lighting Event on Friday!! What a beautiful night!

Thanks to ChildrenSong of New Jersey for providing the music for the night! They were fantastic!!

We would like to also thank our local businesses for coming and showing their support: Free Public Library of Audubon, The Kove, The Treehouse Coffee Shop and Cafe, Alliance Adult Medical Day Service, and Audubon Haddon Twp Oaklyn Rotary Club!

Audubon Fire Department and Audubon Police Department: Thank you for helping make sure our event ran smoothly, and for giving Santa a ride!

Most of all, a HUGE thanks goes to the Borough of Audubon for their tremendous help and support—and for letting us host this event in our wonderful town! We can’t wait until next year!

Happy Holidays everyone!!

ASB Welcomes Joe Matisoff!

Audubon Savings Bank Welcomes Joe Matisoff!
We are pleased to announce the hiring of Joseph M. Matisoff as Senior Vice President & Chief Credit Officer!

Joe is most famously known as the founder, and former President & Chief Executive Officer of Hyperion Bank in Philadelphia when it opened in 2006. He was integral in the organization and capital raising to open Hyperion as a start-up bank in the Northern Liberties section of Philadelphia. Joe has a long and distinguished career in banking covering almost five decades, with a focus on all forms of commercial, consumer, real estate, and secured lending. He has earned graduate degrees in both finance and economics from Northwestern University, and holds an undergraduate degree in economics from Penn State University.

Joe will be located at our Bank’s Administrative Headquarters in Audubon. You can reach him by email at jmatisoff@audubonsavings.com or directly by phone at 856-656-2211.

Please join us in welcoming Joe to the Audubon Savings Bank family!

Congratulations Nadine!

Congratulations Nadine Barron!
Congratulations to Audubon Savings Bank’s Nadine Barron on her promotion to Vice President, Commercial Lending!

Nadine joined the bank in April as Vice President/Commercial Lending Credit Analyst and has quickly proven to be a terrific asset to the bank.  She possesses an extensive background in commercial lending, having served as Vice President & Commercial Loan Officer at Harmony Bank in Jackson and First Commerce Bank in Lakewood.  She had previously served as AVP & Commercial Loan Portfolio Manager at Harmony Bank. Nadine brings over 25 years of banking experience to our Bank, beginning as a Community Banking Officer at First Washington State Bank in Allentown, NJ.

Nadine is a graduate of Rider University where she earned a Bachelor of Science degree in Finance.

Please join us in wishing Nadine continued success in her new position!

Our New Residential Mortgage Lender!

Welcome Alex DiTullio

Audubon Savings Bank would like to proudly welcome Alex DiTullio, our new Residential Mortgage Lender!

Alex will be responsible for promoting the Bank’s residential mortgage loan products. He will also seek out additional loan opportunities and develop business relationships with prospective borrowers and referral sources throughout the Bank’s market area.

Alex has worked in the financial services industry for over 10 years. Prior to joining our team at the Bank, he served as a loan officer at PHH Mortgage. He completed his undergraduate degree in business at Gwynedd Mercy University, followed by an MBA from Wilmington University.

From providing clients with the tools to purchase their dream home or answering questions about an existing loan, Alex is available to assist with all of your mortgage needs. He truly enjoys the gratification of helping people and providing exceptional service.

Alex lives in Haddon Heights with his wife, Hillary, and his bulldog, Jerry. In his free time he enjoys traveling, trying new restaurants, spending time with friends and family, and watching Philadelphia sports. Go Eagles!

Alex’s home office will be at the Bank’s Administrative Headquarters in Audubon. He can be reached at:

Email: aditullio@audubonsavings.com
Direct: 856-656-2213
Cell: 856-701-5821
Fax: 856-656-2202
NMLS#: 1612758

Welcome to the family, Alex! We are glad to have you here!

Alex DiTullio