WILMINGTON, Del., Aug. 15, 2016 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, today announced that on Friday, August 12, 2016 it completed the previously announced acquisition of Penn Liberty Financial Corp., a community bank headquartered in Wayne, Pennsylvania.
All Penn Liberty Bank accounts have successfully converted to WSFS Bank accounts. All former Penn Liberty Bank Customers, now WSFS Bank Customers, have full access to WSFS Bank services including debit cards, ATMs, online banking and mobile banking. Former Penn Liberty Bank banking offices reopened for business today and are branded and operating under the WSFS Bank name.
As of June 30, 2016, Penn Liberty had approximately $638 million in deposits and $720 million in total assets, which includes $504 million in commercial, small business and consumer loans. The transaction is expected to be accretive to WSFS earnings per share in the first year of operations, excluding transaction and integration costs.
"We warmly welcome our newest Customers and Associates to WSFS Bank," said WSFS President and Chief Executive Officer, Mark A. Turner. “This combination significantly bolsters our presence in southeastern Pennsylvania and strengthens our position as the oldest and largest locally managed bank and trust company headquartered in the Delaware Valley allowing us to provide even greater value to our Customers and shareholders.”
In addition, Patrick J. Ward, former Chairman and CEO of Penn Liberty Bank, will join the WSFS Financial Corporation Board of Directors and assume the role of Executive Vice President, Pennsylvania Market President. Brian C. Zwaan, former President, Chief Operating Officer and Chief Lending Officer of Penn Liberty Bank will assume the role of Senior Vice President, Pennsylvania Commercial Banking.
“Following the successful conversion, we are proud of our combined teams’ efforts to make this a smooth transition for our Customers,” said Pat Ward. “Joining together allows us to make an even greater impact on the communities we serve while continuing our passion for service and commitment to local decision-making.”
The transaction is WSFS' sixth acquisition since 2008. The acquisition is in line with WSFS' strategic growth goals by adding ten locations in Montgomery and Chester counties. This expansion brings the WSFS franchise in Southeastern Pennsylvania to 24 banking offices.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest, locally-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of June 30, 2016, WSFS Financial Corporation had $5.8 billion in assets on its balance sheet and $13.4 billion in fiduciary assets. As of August 15, 2016, WSFS operates from 76 offices located in Delaware (45), Pennsylvania (29), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Wealth Investments, Cypress Capital Management, LLC, Cash Connect®, Array Financial and Arrow Land Transfer. Serving the Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit wsfsbank.com.
