WSFS Financial, the parent company of WSFS Bank, received all required approvals to acquire Bryn Mawr Bank Corporation, the parent company of the Bryn Mawr Trust Company, with the board of governors of the Federal Reserve approving the acquisition.
The stockholders of both companies and the Office of the Comptroller of the Currency also approved the transaction, which is expected to close on Jan. 1.
“We are pleased to have received all required approvals and are looking forward to consummating our combination shortly,” Rodger Levenson, chairman, president and CEO of WSFS, said. “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.”
Bryn Mawr Trust Company and WSFS will continue to operate separately until systems and brand conversion occurs in late Q1/22. Bryn Mawr Trust Company wealth management clients will continue to be served by the same Bryn Mawr Trust Company professionals as they are now and the integration of the WSFS and Bryn Mawr Trust Company wealth management groups will take place throughout 2022. After the transaction closes, both banks’ customers will have access to the combined WSFS and Bryn Mawr Trust Company ATM network of more than 600 ATMs.
