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New Jersey regulator OKs Audubon Savings Bank's merger into William Penn Bank

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New Jersey regulator OKs Audubon Savings Bank's merger into William Penn Bank

The New Jersey Department of Banking and Insurance on May 14 approved the proposed merger of N.J.-based Audubon Savings Bank into Levittown, Pa.-based William Penn Bank (MHC), according to the state regulator's depository application activity report.

As previously reported, the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank of Philadelphia have already approved the deal.

In addition, the New Jersey banking regulator approved Audubon Savings Bank's application to convert its charter from a savings bank to a savings association named Audubon Savings Bank SLA.