WSFS Financial Corporation parent company of WSFS Bank, and Bryn Mawr Bank Corporation, the parent company of The Bryn Mawr Trust Company, announced that WSFS has received all required approvals to acquire the company.
. The Board of Governors of the Federal Reserve System approved WSFS’ acquisition of BMTC, which is the final required regulatory approval for the proposed combination.
With approvals from stockholders of both companies and regulatory approvals from the Federal Reserve and WSFS Bank’s primary regulator, the Office of the Comptroller of the Currency, the companies plan to close on the deal on Jan. 1.
“We are pleased to have received all required approvals and are looking forward to consummating our combination shortly,” said WSFS CEO Rodger Levenson. “This combination brings together both companies’ long history of service for our Customers and Communities to form the premier, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.”
BMTC and WSFS will continue to operate separately until systems and brand conversion in late in the first quarter. Bryn Mawr’s wealth management clients will continue to be served by the same professionals. The integration of the WSFS and Brybn Mawr wealth management groups will take place throughout 2022.
After the transaction closes, both banks’ customers will have immediate and free access to the combined WSFS and BMTC ATM network of more than 600 ATMs.
The acquisition builds on WSFS’s status as the largest locally based bank in the Delaware Valley. However, WSFS still has a small market share in the region when compared to giants like PNC and Wells Fargo.
