WSFS Financial Corporation announced that on Friday, August 12 it completed the previously announced acquisition of Penn Liberty Financial Corp., a community bank headquartered in Wayne, PA.
All Penn Liberty Bank accounts have successfully converted to WSFS Bank accounts. All former Penn Liberty Bank Customers, now WSFS Bank Customers, have full access to WSFS Bank services including debit cards, ATMs, online banking and mobile banking. Former Penn Liberty Bank banking offices reopened for business today under the WSFS Bank name.
As of June 30, 2016, Penn Liberty had about $638 million in deposits and $720 million in total assets, which includes $504 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. “This combination significantly bolsters our presence in southeastern Pennsylvania and strengthens our position as the oldest and largest locally-managed bank and trust company headquartered in the Delaware Valley allowing us to provide even greater value to our Customers and shareholders.”
Also, Patrick J. Ward, CEO of Penn Liberty Bank, will join the WSFS Financial Corporation Board of Directors and assume the role of Executive Vice President, Pennsylvania Market President. Brian C. Zwaan, former President, Chief Operating Officer and Chief Lending Officer of Penn Liberty Bank will assume the role of Senior Vice President, Pennsylvania Commercial Banking.
The transaction is WSFS’ sixth acquisition since 2008. The acquisition is in line with WSFS’ growth goals by adding ten locations in Montgomery and Chester counties. This expansion brings the WSFS franchise in Southeastern Pennsylvania to 24 banking offices.
