The deal joins two lenders with working-class roots into what their leaders call the first Philly-area bank big enough to challenge the national giants that took over Commerce, CoreStates and the other big native banks in job-destroying mergers more than a decade ago, writes Joseph N. DiStefano in the Philadelphia Inquirer.
WSFS and Beneficial banks to combine and create largest bank in the Philadelphia region
With the acquisition finalized, WSFS hasapproximately $13 billion in assets and is the largest locally-headquartered bank in the Greater Delaware Valley. (Image courtesy DELCO.Today)
WSFS Financial Corporation ($7.1 billion in assets) will combine with Philadelphia-based Beneficial Bancorp, Inc. ($5.8 billion in assets) to create the largest and premier locally-headquartered community bank for the greater Delaware Valley.
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The combination is WSFS’ eighth acquisition since 2010, including traditional banks and other fee-based businesses in southeastern Pennsylvania and Delaware. WSFS’ proven track record of successful integrations, combined with its strong organic growth and purposeful expansion into the greater Delaware Valley, has resulted in the creation of new jobs and significant community and economic investments.
“This is an historic combination,” said WSFS’ Chairman, President and CEO Mark A. Turner, who will become WSFS’ Executive Chairman on January 1, 2019. “As a native Philadelphian and a lifelong resident of the Delaware Valley, I believe this combination provides a compelling opportunity to serve our combined markets as it fills a long-standing gap between big banks and smaller community banks in this market. Together, we are poised and positioned to serve Customers, to capture good market share, to expand the reach of our proven successful business model, and to deliver sustainable high performance for years to come.”
To read the complete story click here.
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