WSFS Financial Corporation announced it had obtained all required approvals to acquire Penn Liberty Financial Corp. Approvals included Penn Liberty shareholder approval, regulatory approval from the Office of the Comptroller of the Currency and Pennsylvania Department of Banking as well as a waiver from the Board of Governors of the Federal Reserve System. The transaction was previously approved by the WSFS and Penn Liberty Boards of Directors.
Following the combination, WSFS Bank will have more than 70 offices including 24 locations in southeastern Pennsylvania; WSFS will also have over $6 billion in assets. It is the oldest and largest full-service bank and trust company headquartered in the Delaware Valley. WSFS’ wealth management, mortgage, cash management services and digital delivery platforms will add to the offerings available to Penn Liberty customers.
“We are excited to welcome Patrick Ward, Brian Zwaan and their team from Penn Liberty Bank,” said Mark A. Turner, CEO of WSFS Bank. “Following the combination of our organizations, Pat will join our Board and assume the role of Executive Vice President, Pennsylvania Market President. Brian will join our Senior Management Team as Senior Vice President, Pennsylvania Commercial Banking. Their strong leadership and unwavering dedication to the community aligns with WSFS’ mission, vision and strategy.”
The transaction is is projected to add immediately to earnings per share, excluding one-time costs. WSFS has been growing in southeastern Pennsylvania as smaller banks struggle with regulatory burdens that came after the financial crisis and Delaware offers few if any acquisition options.
Subject to customary closing conditions, the transaction is expected to close on August 12, 2016, and Penn Liberty Bank will be fully converted and integrated that weekend and open as WSFS Bank on August 15, 2016.
