WSFS Financial Corporation completed the systems integration and rebranding of Beneficial Bank into its primary subsidiary, WSFS Bank.
All Beneficial Bank accounts have successfully converted to WSFS Bank accounts. No glitches have been reported from the conversion process.
All legacy Beneficial Bank customers, are now WSFS Bank customers, have full access to WSFS Bank services, including more than 90 retail banking offices across Delaware, Philadelphia, southeastern Pennsylvania, and southern New Jersey. The company also has a network of nearly 500 WSFS ATMs.
WSFS CEO Rodger Levenson said, “We welcome our newest customers to WSFS Bank. This integration and rebranding effort caps a year-long process to combine the two longest-standing community banks of the Greater Delaware Valley to create the largest locally headquartered bank with the benefit of over 300 combined years of service to our region.”
He continued, “At more than $12 billion in assets, WSFS Bank now fills a long-standing gap between big banks and smaller community banks in the Greater Delaware Valley. This unique market positioning will enable us to continue delivering sustainable high performance for years to come.”
WSFS is now the largest bank headquartered in the Delaware Valley, but trails other banks such as Wells Fargo and PNC in market share.
Over the weekend, WSFS continued to work on its previously announced retail banking office optimization plan to consolidate 25 percent of the combined WSFS and Beneficial banking locations. WSFS consolidated 21 offices out of a total of 14 Beneficial and 11 WSFS locations that are scheduled to close.
The successful combination is WSFS’ eighth acquisition since 2010. The company has acquired traditional banks and other fee-based companies.
WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of June 30, 2019, WSFS Financial Corporation had $12.2 billion in assets on its balance sheet and $19.7 billion in assets under management and administration.
As of August 26, 2019, WSFS now operates from 126 offices located in Pennsylvania (55), Delaware (49), New Jersey (20), Virginia (1) and Nevada (1) and provides financial services including commercial banking, retail banking, cash management and trust and wealth management.
For more information, please visit www.wsfsbank.com.
