WSFS Financial Corporation the parent company of WSFS Bank, today announced The Office of the Comptroller of the Currency (OCC) has approved WSFS Bank’s application to merge with The First National Bank of Wyoming (FNB of Wyoming).
The OCC’s approval was the final regulatory approval required for WSFS to acquire FNB of Wyoming’s parent company, First Wyoming Financial Corporation.
WSFS President and Chief Executive Officer, Mark A. Turner said, “We are very pleased to have received the OCC’s approval which was the final regulatory requirement to completing the transaction. Our partnership with FNB of Wyoming furthers many of our strategic goals. As an in-market combination, it significantly enhances our presence in Kent County, where the combined company will have the number two market share in deposits. As Delaware’s #2 SBA lender in 2013, FNB of Wyoming will strengthen our commercial and small business teams and add important relationships to our banking franchise. We also share a culture of commitment to our customers, communities and associates.”
The approval from the OCC follows approvals by the Federal Reserve and First Wyoming Financial Corporation shareholders. The transaction is expected to be add to WSFS earnings per share in the first year of operations, after transaction and integration costs. WSFS expects little to no tangible book value dilution from the transaction.
The acquisition is expected to be completed on September 5, 2014 and the conversion of FNB of Wyoming to WSFS Bank is expected to occur by September 8, 2014. First National Bank of Wyoming has been known as a well-managed financial institution. However, smaller banks have been merging as regulatory filings and other compliance requirements become more numerous.
