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.

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