WSFS Financial Corporation, parent company of WSFS Bank, reported higher earnings in the third quarter as the merger with Beneficial went through with no glitches
Net income rose to nearly $54 million, compared to $36 million in the second quarter and $39 million in the pre-merger third quarter of 2018.
Rodger Levenson, CEO, said, “After a year of diligent planning and preparation, we successfully and smoothly completed our systems and branding conversion during the third quarter, which represents the final major milestone in the integration phase of our combination with Beneficial. We continue to execute on the growth and synergy opportunities from our combination as the largest, full-service, full-product locally headquartered bank in the greater Delaware Valley.”
Levinson continued, “Our results through 3Q 2019 reflect our continued execution of the goals in our Strategic Plan. We completed our acquisition of Beneficial according to our planned timeline, and the initial results of the acquisition reflect positive performance compared to our original expectations. We are encouraged by the opportunities ahead of us as a combined organization with a broader footprint.”
WSFS plans to close about a quarter of the branches of the combined banks while investing the savings in technology upgrades. The bulk of the closings will take place in southeast
(See full earnings release below)
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