WSFS is expanding its mortgage operation, with the purchase of a Haverford, Pa. company. WSFS Financial Corp. announced that WSFS Bank entered into a definitive agreement to purchase the assets and operations of Array Financial Group, Inc., a mortgage banking company, and Arrow Land Transfer Company, an abstract and title company. The transaction is expected to close on July 31, 2013. Terms were not disclosed.
Array specializes in a variety of residential mortgage and refinancing products. In 2012, Array originated $150 million in mortgage loans. It has seen 24 percent compound annual growth since its start in 2005.
“Mortgage financing is a core community banking product and needed to help families and communities grow and prosper,” said Mark A. Turner, WSFS CEO. “Now is an opportune time as we see steady signs of the local economy improving, to expand WSFS’ mortgage banking business, especially in the southeastern Pennsylvania market which has very favorable demographics and where we are enhancing our presence. This is clearly a scale business and this partnership helps us achieve some of those economies.”
Turner continued, “We have had the benefit of knowing Array since 2007 when they became a Customer of the bank and have become increasingly impressed with their quality business model which is consistent with our strategy of world-class service. Array will bring with it a robust product line and a very experienced team that will also provide thought-leadership as we eventually combine our mortgage businesses and navigate through the new mortgage market together. This transaction will further increase our fee income and be immediately accretive to earnings.”
Array Financial and Arrow will each be divisions of WSFS Bank and will continue to operate under their same names and locations at 510 West Lancaster Avenue in Haverford. In addition, all current employees with Array Financial and Arrow will become WSFS associates.
