WSFS Financial Corporation plans to close the acquisition of Beneficial Bancorp on Friday.
The Board of Governors of the Federal Reserve System Wednesday approved WSFS’ acquisition of Beneficial – the final required regulatory approval.
WSFS expects to close the transaction on March 1.
“We are pleased to have received all required approvals and we’re looking forward to officially finalizing our combination in the coming days,” said WSFS CEO Rodger Levenson. “We are excited to bring our mission ofWe Stand For Serviceto additional communities in theGreater Delaware Valley, including theCity of Philadelphia, throughoutSoutheastern Pennsylvaniaand in communities in southern New Jersey.”
Following the closing of the mergers, both banks will continue to operate as separate brands under one legal entity (WSFS) untilAugust.
On that month, a projected systems conversion and rebranding are expected to occur under theWSFS Bankname.
The acquisition will strengthen WSFS Banki’s status as the oldest and largest locally-managed bank and trust company headquartered in the Delaware Valley. WSFS will continue to be based in Wilmington but will have a presence at the Beneficial headquarters in Philadelphia.
About a quarter of the combined banks’ branches will be closed after the conversion. A handful of Beneficial brancheswere sold to a New Jersey bank.
For more information, visit wsfsbank.com.