WSFS Financial Corp. and Beneficial Bancorp, Inc. will sell five New Jersey banking offices with approximately $190 million of deposits to The Bank of Princeton.
Terms were not announced.
WSFS previously announced a plan that will consolidate offices and sell branches on the edge of the Beneficial-WSFS footprint as part of the merger of the two companies. After the merger, all branches will convert to the WSFS name.
WSFS has committed to reinvesting approximately $32 million of the estimated cost savings from the consolidations into a five-year investment in technology and delivery systems as more banking services move online.
Under the agreement, Bank of Princeton agreed to purchase branches in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville.
The closing of the transaction and integration of the five retail offices into Bank of Princeton is expected to occur in the second quarter of 2019. Upon closing and conversion, all five locations will be rebranded as Bank of Princeton locations.