Audubon Savings Bank Nears Completion of Merger with William Penn Bank

We are pleased to announce that the planned merger of Audubon Savings Bank with William Penn Bank of Levittown, Bucks County, PA is nearly complete. Subject to final approval by our depositors, the transaction is expected to close on or about July 1, 2018.

Audubon Savings Bank currently has 3 banking locations throughout Camden and Burlington Counties and brings a 114 year history to the South Jersey markets it serves. This rich heritage will be combined with William Penn Bank’s 148 years of dedicated service to the Bucks County communities it serves. Upon completion of the merger, the combined bank, operating under the William Penn Bank name, will have approximately $460 million in total assets and approximately $70 million in total equity, with a branch network that will span two states. Our combined financial and human resources and breadth of services will create one of the Delaware Valley’s premier community banks.

We feel that the merger with William Penn Bank is an exciting opportunity for our customers, employees, and the communities we serve. The merger enables us to enhance our products, services, and delivery channels in order to serve you better.

All three of Audubon’s branch offices, in Audubon, Mount Laurel, and Pine Hill, will remain open as offices of William Penn Bank. All of Audubon’s branch office staff members will be retained in the merger, and will continue to serve our customers in the same office locations.

Terry Sager, President and CEO of William Penn Bank, will continue to serve in that role following the merger until her planned retirement in February of 2019. Kenneth Stephon, President and CEO of Audubon Savings Bank, will serve as Senior Executive Vice President and Chief Operating Officer after the merger, and will ultimately succeed Mrs. Sager as President and CEO upon her retirement.

Three of Audubon’s current board members will be joining the board of William Penn Bank and its holding companies upon completion of the merger: Vincent Sarubbi, who currently serves as Audubon’s Chairman, D. Michael Carmody, Audubon’s current Vice Chairman, and Kenneth Stephon, Audubon’s current President and CEO. Additionally, a Southern New Jersey Advisory Board will be formed to help us to continue to serve our markets, and will be composed of Audubon’s five remaining board members, including Senator James Beach, Charles Foulke III, Robert Hunter, Bruce Schell, and Tom Hassett.

Thank you for being a loyal Audubon Savings Bank customer. We look forward to continuing to serve you as a stronger-than-ever community-oriented bank. We selected William Penn Bank as a merger partner largely because both banks share a deep commitment to the community, and we are pleased to be able to continue operating with this same philosophy for many years to come.