WSFS Financial Corp. recently received all required approvals to acquire Bryn Mawr Bank Corp. Approval allows Bryn Mawr Trust Co. to merge with WSFS Bank.
“We are pleased to have received all required approvals and are looking forward to consummating our combination shortly,” said Rodger Levenson, WSFS chairman, president and CEO. “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.”
Stockholders of both banks voted for the merger, and the Office of the Comptroller of the Currency, WSFS Bank’s primary regulator, previously granted approval. The Board of Governors of the Federal Reserve System was the final required regulatory approval.
The deal is expected to close on Jan. 1, 2022. Customers will have access to a combined ATM network of more than 600 machines.
The banks will continue to operate separately until the end of the first quarter of 2022, and integration of the wealth management groups will take place throughout the year.
WSFS Financial Corp. operates from 112 offices, including 52 in Pennsylvania.
Bryn Mawr Bank Corp. operates 39 banking locations, seven wealth management offices and two insurance and risk management locations in five Pennsylvania counties.