WSFS Financial Corporation Receives All Required Approvals to Acquire Bryn Mawr Bank Corporation
December 20 2021 - 8:30AM
WSFS Financial Corporation (Nasdaq: WSFS) (“WSFS”), the parent
company of WSFS Bank, and Bryn Mawr Bank Corporation (Nasdaq: BMTC)
(“BMTC”), the parent company of The Bryn Mawr Trust Company,
jointly announced that WSFS has received all required approvals to
acquire BMTC, and to merge its primary subsidiary, Bryn Mawr
Trust into WSFS Bank. The Board of Governors of the Federal Reserve
System (the “Federal Reserve”) approved WSFS’ acquisition of BMTC,
which is the final required regulatory approval for the proposed
combination. With overwhelming approvals from WSFS and BMTC
stockholders, and regulatory approvals from the Federal Reserve and
WSFS Bank’s primary regulator, the Office of the Comptroller of the
Currency, WSFS and BMTC expect to close the transaction on January
1, 2022.
“We are pleased to have received all required
approvals and are looking forward to consummating our combination
shortly,” said WSFS Chairman, President and Chief Executive Officer
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 Q1 2022. BMTC wealth
management Clients will continue to be served by the same BMTC
professionals and the integration of the WSFS and BMTC 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.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial
services company. Its primary subsidiary, WSFS Bank, is the oldest
and largest locally-managed bank and trust company headquartered in
Delaware and the Greater Philadelphia region. As of September 30,
2021, WSFS Financial Corporation had $15.4 billion in assets on its
balance sheet and $27.6 billion in assets under management and
administration. WSFS operates from 112 offices, 89 of which are
banking offices, located in Pennsylvania (52), Delaware (42), New
Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive
financial services including commercial banking, retail banking,
cash management and trust and wealth management. Other subsidiaries
or divisions include Arrow Land Transfer, Cash Connect®, Cypress
Capital Management, LLC, Christiana Trust Company of Delaware®,
NewLane Finance®, Powdermill® Financial Solutions, West Capital
Management®, WSFS Institutional Services®, WSFS Mortgage®, and WSFS
Wealth® Investments. Serving the Greater Delaware Valley since
1832, WSFS Bank is one of the ten oldest banks in the United States
continuously operating under the same name. For more information,
please visit www.wsfsbank.com.
About Bryn Mawr Bank CorporationBryn Mawr Bank
Corporation is the holding company for The Bryn Mawr Trust Company
which was founded in 1889, and is headquartered in Bryn Mawr, PA.
BMTC is a locally managed, premier financial services company
providing retail and commercial banking; trust administration and
wealth management; and insurance and risk management solutions. As
of September 30, 2021, Bryn Mawr Bank Corporation has $4.9 billion
in corporate assets and $21.4 billion in wealth assets under
management, administration, supervision, and brokerage. The company
operates 39 banking locations, seven wealth management offices and
two insurance and risk management locations in the following
counties: Montgomery, Chester, Delaware, Philadelphia, and Dauphin
Counties in Pennsylvania; New Castle County in Delaware; and Mercer
and Camden Counties in New Jersey.
Forward-Looking StatementsThis press release
contains estimates, predictions, opinions, projections and other
"forward-looking statements" as that phrase is defined in the
Private Securities Litigation Reform Act of 1995. Such statements
include, without limitation, references to WSFS’ and BMTC’s
predictions or expectations of future business or financial
performance as well as their goals and objectives for future
operations, financial and business trends, business prospects, and
management's outlook or expectations for earnings, revenues,
expenses, capital levels, liquidity levels, asset quality or other
future financial or business performance, strategies or
expectations. The words “believe,” “expect,” “anticipate,” “will,”
and similar expressions, among others, generally identify
forward-looking statements. Such forward-looking statements are
based on various assumptions (some of which may be beyond WSFS’ and
BMTC’s control) and are subject to significant risks and
uncertainties (which change over time) and other factors, including
WSFS’ pending acquisition of BMTC and the uncertain effects of the
COVID-19 pandemic and actions taken in response thereto on WSFS’
and BMTC’s business, results of operations, capital and liquidity,
which could cause actual results to differ materially from those
currently anticipated. Such risks and uncertainties are discussed
in detail in WSFS’ and BMTC’s Form 10-K for the year ended December
31, 2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q
for the quarter ended June 30, 2021, Form 10-Q for the quarter
ended September 30, 2021, and other documents filed by WSFS and
BMTC with the Securities and Exchange Commission from time to
time.
WSFS and BMTC caution readers not to place undue reliance on any
such forward-looking statements, which speak only as of the date on
which they are made, and WSFS and BMTC disclaim any duty to revise
or update any forward-looking statement, whether written or oral,
that may be made from time to time by or on behalf of WSFS or BMTC
for any reason, except as specifically required by law. As used in
this press release, the terms "WSFS", "the Company”, “registrant",
"we", "us", and "our" mean WSFS Financial Corporation and its
subsidiaries, on a consolidated basis, and the term “BMTC” means
Bryn Mawr Bank Corporation and its subsidiaries, on a consolidated
basis, unless the context indicates otherwise.
|
Investor Relations Contact: Dominic C. Canuso |
(302) 571-6833 |
dcanuso@wsfsbank.com |
|
Media Contact: Rebecca Acevedo |
(215) 253-5566 |
racevedo@wsfsbank.com |
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