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!!

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

TouchBanking Update!

TouchBanking New Features

Check out the latest updates to our TouchBanking app! To ensure that you are updating the TouchBanking app appropriately, you will begin receiving upgrade reminders shortly after the app release.

Redesigned Accounts Landing Page

TouchBanking has redesigned the Accounts landing page to offer better at-a-glance access to account balances, while also highlighting the best new functionality of the TouchBanking app. After you sign in to the downloadable app, your first stop is the redesigned Accounts landing page that highlights your first three accounts and your balances.

In the event that you have more than three accounts, a bar labelled Show all my accounts appears just below the top three. When you tap Show all my accounts, the Accounts screen appears, which allows you to choose the accounts that you want in your top three, as well as reorder your accounts. The app cannot display more than three accounts on the redesigned Accounts landing page. However, you always have access to all accounts by tapping Show all my accounts.

Accounts Page With Quick Links Introduction Screen

Upon signing in to the TouchBanking 17.2 app for the first time, the app presents you with the new Account Page With Quick Links introduction screen. This screen explains the redesigned Accounts landing page and how to customize the accounts that you see on it.

User Experience Enhancements

We are introducing the following changes to enhance the user experience:

Click to Call

We have added the Call button to user prompts in the app that suggest users contact your financial institution. When you tap the Call button on a device with the ability to perform calls, the device initiates a call to our Audubon Savings Bank support number indicated in the message.

Enhanced Instant Balance Pop-Up Box

We have made the following enhancements to the Instant Balance popup box:

  • Information bar at the top displays the local date and time that the app retrieved the balance.
  • App sorts the accounts according to your preferences established for the redesigned Accounts landing page.
  • Available balance now appears for each account.
  • Additional helper now appears below the list of accounts.

Security Check for Android Devices

We have updated the Android TouchBanking apps with the 17.2 app release with the ability to detect settings that could compromise the device’s security. The app presents the following message to Android device users who have the Unknown sources option toggled on, thereby allowing their device to install apps from sources other than Google Play:

“Your device is currently configured to allow installation of apps from unknown sources. This may pose a security risk.

Please go to Security settings and un-tick ‘Unknown sources’.”

You may tap the Security Settings button on this message to go directly to the Unknown sources setting in the device’s security options and toggle it off.

Download TouchBanking Today!

Available on the Apple® App Store or Google Play® Store from your compatible mobile device. For instructions on how to enroll, click here.

TouchBanking




App Store Google Play



*Data rates may apply. Check with your mobile phone carrier for details. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc.

Candy Corn Contest!

Candy Corn
How many candy corn are in the jar? Closest to guessing the correct amount at each of our branches will win a $20 Audubon Savings Bank Gift Card!*

Pine Hill

Candy Corn Contest: Pine Hill

Mt. Laurel

Candy Corn Contest: Mt. Laurel
Audubon

Candy Corn Contest: Audubon
Winner will be announced on October 31st!

*The $20 gift card will be reported as miscellaneous income in accordance with Internal Revenue Service rules. The Bank will issue a 1099-MISC* for the year in which the $20 gift card was awarded to you. In order to claim the prize, you will be required to provide the Bank with specific tax-reporting information.

Shredding Event: Thank You!

Shredding Event

Thanks to everyone who came to our free Shredding Event this past Saturday! Although the weather wasn’t perfect, the number of cars that showed up was fantastic! We’re always happy to have events that bring the local community together!

IMG_5494 IMG_5495 IMG_5497 IMG_5499 IMG_5502 IMG_5503

Equifax Breach May Impact 143 Million Americans

Equifax Breach

Equifax, one of the “big-three” U.S. credit bureaus, said today a data breach at the company may have affected 143 million Americans, jeopardizing consumer Social Security numbers, birth dates, addresses and some driver’s license numbers.

In a press release Sept 7,2017 , Equifax [NYSE:EFX] said it discovered the “unauthorized access” on July 29, after which it hired an outside forensics firm to investigate. Equifax said the investigation is still ongoing, but that the breach also jeopardized credit card numbers for roughly 209,000 U.S. consumers and “certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers.”

Equifax said the attackers were able to break into the company’s systems by exploiting an application vulnerability to gain access to certain files. It did not say which application or which vulnerability was the source of the breach.

Equifax has set up a Web site — https://www.equifaxsecurity2017.com — that anyone concerned can visit to see if they may be impacted by the breach. The site also lets consumers enroll in TrustedID Premier, a 3-bureau credit monitoring service (Equifax, Experian and Trans Union) which also is operated by Equifax.

According to Equifax, when you begin, you will be asked to provide your last name and the last six digits of your Social Security number. Based on that information, you will receive a message indicating whether your personal information may have been impacted by this incident. Regardless of whether your information may have been impacted, the company says it will provide everyone the option to enroll in TrustedID Premier. The offer ends Nov. 21, 2017.

It is best practice to not only have a credit monitoring service but to also place a security freeze on your records.More information on the difference between credit monitoring and a security freeze (and why consumers should take full advantage of both) can be found in this story: https://krebsonsecurity.com/2015/06/how-i-learned-to-stop-worrying-and-embrace-the-security-freeze/

We also recommend that your regularly visit krebsonsecurity.com to keep abreast of security issues that may impact your personal records.

It’s National Preparedness Month!

National Preparedness Month

At Audubon Savings Bank, your safety is paramount! We should all take action to prepare. We are all able to help first responders in our community by training how to respond during an emergency and what to do when disaster strikes — where we live, work, and visit.

The goal of National Preparedness Month is to increase the overall number of individuals, families, and communities that engage in preparedness actions at home, work, business, school, and place of worship. Here are some tips for each week that can help you prepare in the event of an emergency:

Week 1:  September 1-9

Make a Plan for Yourself, Family and Friends


Week 2:  September 10-16
Plan to Help Your Neighbor and Community


Week 3:  September 17-23
Practice and Build Out Your Plans

  • Complete an Emergency Financial First Aid Kit (EFFAK)
  • Maintain emergency savings for use in case of an emergency
  • Participate in an emergency drill
  • Know how to access community resources (e.g., shelters, food banks)


Week 4: September 24-30
Get Involved! Be a Part of Something Larger


Disasters don’t plan ahead. You can. Take action today!

Refer a Friend!

Refer a Friend
Check out our new Refer a Friend offer! Simply enter your name below and give this coupon to a friend. If they open a checking account, you and your friend each get $50!*

Refer a Friend Coupon
Just click and print the coupon above, pick one up at a branch office or contact your local branch and we will be happy to mail you a coupon! Thanks as always to all of our wonderful customers—we couldn’t do it without you!

Sincerely,

Audubon Savings Bank

New Convenient Account Login!

Check out our new login!

Our new Online Banking login has arrived! Now you can simply sign in with your Access ID and Passwordall from our home page.

New Login
Online Banking is now also optimized for any device like your computer, smartphone or tablet, giving you the best user experience every time.

New Login
With our new look and login, our Online Banking is now easier to use than ever! Check out our home page to sign in!



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