WSFS Financial Corporation, the parent company of WSFS Bank, announced that it has completed the previously announced acquisition of First Wyoming Financial Corporation.
Its wholly owned subsidiary, The First National Bank of Wyoming (FNB of Wyoming), has merged with WSFS Bank and all FNB of Wyoming accounts have been successfully moved to WSFS Bank.
WSFS acquired about $230 million in deposits and $288 million in total assets, which includes $186 million in commercial, small business and consumer loans.
The Delaware State News reported former branches of the bank will reopen under the WSFS name this week. Also, two First National branches in Dover and one in Smyrna were closed with nearby WSFS banks to handle their business, according to the state news.
WSFS President and Chief Executive Officer, Mark A. Turner said, “We are excited to welcome our newest Customers and Associates to the WSFS Bank family.” Turner continued, “This in-market combination significantly bolsters our presence in Kent County and strengthens our positon as the leading independent community bank in Delaware, allowing us to provide even greater value to our customers and shareholders.”
In addition, Joshua M. Twilley, former Chairman of FNB of Wyoming and President of Incorporating Services, LTD of Dover, will be Chairman of the WSFS Southern Delaware Advisory Board. The selection reinforces the bank’s commitment to southern Delaware and the issues and opportunities facing business and consumers in Kent and Sussex counties, a release stated.
The transaction is expected to add to WSFS earnings per share in the first year of operations, after transaction and integration costs.
Known as a well-managed financial institution, First National Bank of Wyoming merged with WSFS apparently due to the costs and complexities of heightened regulation after the 2008-2009 financial crisis.
