Bryn Mawr Bank Corporation will merge with WSFS Financial Corporation following the signing of a definitive merger agreement by the two financial institutions last week.
Simultaneously, the Bryn Mawr Trust Company, a wholly owned subsidiary of Bryn Mawr Bank, will merge into WSFS Bank, a wholly owned subsidiary of WSFS Financial Corporation.
The transaction, valued at approximately $976.4 million, combining the high performing, locally based financial services companies solidifies WSFS’ position as the distinguished locally headquartered bank for the Greater Philadelphia and Delaware region.
“This combination aligns with our strategic plan,” WSFS Chairman, President, and CEO Rodger Levenson, said. “Combining with Bryn Mawr allows us to accelerate our long-term strategic objectives, including scale to continue to invest in our delivery and talent transformations.”
As of Dec. 31, 2020, WSFS reported nearly $20 billion in assets and approximately $43 billion in Wealth Management businesses. WSFS believes the merger will allow the financial institution to be the only bank in the region with distinct market-share advantages, including market knowledge, local decision-making, a full-service product suite, and a balance sheet to compete with larger regional and national banks.
“This combination also creates the premier wealth management and trust business in the region and the sixth largest bank-affiliated wealth management and trust business nationwide under $100 billion in assets,” Levenson said. “Together, we are poised and positioned to continue to serve and outperform for all our constituents, and to deliver sustainable high performance for years to come.”
Under the merger agreement, Bryn Mawr stockholders will receive 0.90 of a share of WSFS common stock for each share of Bryn Mawr common stock. Based on the closing price of WSFS stock on March 9, the estimated per share value of Bryn Mawr common stock will be $48.55.
“We strongly believe in the value creation by combining with WSFS and enhancing the strengths of our institutions,” Bryn Mawr President and CEO Frank Leto said. “This is a sound decision for Bryn Mawr, our stockholders, our clients and the communities we serve. We are combining with WSFS because it is an established institution with deep roots in the region and the utmost focus on doing the right thing for our clients.”
After closing, Leto will join the Board of Directors of WSFS Financial and WSFS Bank along with two mutually agreed upon current directors of Bryn Mawr’s board.
The merger with Bryn Mawr marks WSFS’ ninth combination since 2010, including traditional banks and other non-fee businesses in southern Pennsylvania and Delaware, and the company has noted successful integrations with each one. Additionally, the institution’s focus on strong organic growth and purposeful expansion into the Greater Philadelphia region has resulted in significant community and economic investments.