WSFS Financial Corporation completed the previously announced acquisition of Alliance Bancorp, Inc. of Pennsylvania, headquartered in Broomall.
As of Tuesday, October 13 all Alliance Bank accounts have successfully converted to WSFS accounts. All former Alliance Bank Customers, now WSFS Customers, have full access to WSFS services including debit cards, ATMs, online banking and mobile banking. All former Alliance branches reopened for business today and are branded and operating under the WSFS Bank name.
As of June 30, Alliance had approximately $340 million in deposits and $415 million in total assets, which includes $310 million in commercial, small business and consumer loans. The transaction is expected to add 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. “As the oldest and largest locally-managed bank and trust company in the Delaware Valley, this growth in our Southeastern Pennsylvania market gives consumers and businesses additional offices and expanded services from a local, full-service community bank that is committed to listening to what matters and providing them exceptional service.”
The transaction is WSFS’ fifth acquisition since 2008 and the largest to date. The acquisition is in line with WSFS’s strategic growth goals by adding eight full-service locations in Delaware and Chester counties. This expansion brings the WSFS franchise in Southeastern Pennsylvania to 17 offices.
