WSFS Financial Corporation, holding company for WSFS Bank, announced that its board declared a three-for-one split in WSFS Financial Corporation common stock in the form of a stock dividend of two shares of WSFS stock for each issued and outstanding share of WSFS Stock.
The board decided to effect the stock split after careful consideration and the conclusion that the benefits of broader ownership potential outweighed the costs of a split, which are not significant.
The stock dividend is payable to stockholders of record as of May 4, ubject to stockholder approval of an increase in the authorized shares of WSFS common stock at the 2015 WSFS Financial Corporation Annual Meeting.
After the stock split, the total number of shares of common stock outstanding will increase from approximately 9.4 million to about 28.2 million. The additional shares of WSFS Stock are expected to be distributed on or about May 18, by WSFS Financial Corporation’s transfer agent.
WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, is the largest and oldest bank and trust company headquartered in the Delaware Valley with $4.9 billion in assets on its balance sheet and $9.4 billion in fiduciary assets, including over $1 billion in assets under management.
WSFS operates from 55 offices. Other subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC, Cash Connect, Array Financial and Arrow Land Transfer.
Serving the Delaware Valley since 1832, WSFS is the seventh oldest bank in the United States continuously operating under the same name.
