Beneficial Bancorp, Inc. stockholders approved the previously announced merger of Beneficial into WSFS Financial Corp. at a special meeting of stockholders held Thursday.
Subject to required regulatory approvals and the satisfaction of closing conditions, the merger is expected to be completed in the first quarter of next year.
Beneficial provides consumer and commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and businesses in the Delaware Valley area since 1853.
As of September 30, 2018, Beneficial Bancorp has $5.87 billion in assets.
Beneficial Bank has 61 banking offices in the greater Philadelphia and southern New Jersey regions.WSFS is based in Wilmington has about 70 offices including 24 locations in southeastern Pennsylvania.
The Beneficial offices will be reflagged under the WSFS name. About a quarter of the combined offices of WSFS and Beneficial will be closed. A portion of savings from the merger will be used for a new information technology system.
WSFS is comparable in size to Beneficial but has been more profitable than Beneficial. WSFS has wealth management and automatic teller machine operations in addition to banking services.