WSFS Financial completed the brand conversion and systems integration of Bryn Mawr Trust into its primary subsidiary, WSFS Bank. WSFS Financial completed its acquisition of Bryn Mawr Bank Corporation and its primary subsidiary, Bryn Mawr Trust, earlier this year.
All Bryn Mawr Trust banking accounts were converted to WSFS Bank accounts. All legacy Bryn Mawr Trust clients, now WSFS Bank customers, have full access to WSFS Bank’s products and services, including 94 retail banking offices and more than 600 ATMs across the Greater Philadelphia and Delaware region.
WSFS has continued its previously announced retail banking office optimization plan to consolidate 30% of the combined WSFS and Bryn Mawr Trust banking locations. WSFS consolidated 34 offices, including 22 Bryn Mawr Trust and 12 WSFS locations, as part of the combination due to geographic overlap. Six additional locations will be closed in the future.
“We’re excited to welcome our newest customers from Bryn Mawr Trust to WSFS,” Rodger Levenson, chairman, president and CEO of WSFS, said. “Our combined 330 years of history serving customers positions us as the premier, locally headquartered bank and wealth management franchise in the area with distinct market-capturing advantages, including local market knowledge, local decision-making and a full-service product suite. Our balance sheet, with approximately $20 billion in assets, solidifies our position as the largest locally-headquartered bank in the Greater Philadelphia and Delaware region and our wealth management division, with approximately $58 billion in assets under administration and management, is a preeminent wealth management business.
“When our combination was first announced, we shared that Bryn Mawr Trust would be the prominent brand within our wealth management division. We’re excited to introduce the new Bryn Mawr Trust brand, which brings together the equity in the Bryn Mawr Trust name and a distinct connection to WSFS.”
Legacy Bryn Mawr Trust wealth management clients will continue to be served by the same professionals from Bryn Mawr Trust. The wealth group’s integration of WSFS and Bryn Mawr Trust will take place throughout 2022.
The combination is WSFS’ ninth acquisition since 2010, including traditional banks and other fee-based companies.
