WSFS Financial received approval from its stockholders for its previously announced merger with Beneficial Bancorp, wherein Beneficial would merge with and into WSFS.
Beneficial stockholders had already approved the merger earlier in the month.
“The votes of approval by both companies’ stockholders represent another major milestone in our plan to transform WSFS Bank into the premier, locally-headquartered community bank with the size, scale and modern technologies to compete with banks of all sizes,” said Rodger Levenson, WSFS executive vice president and chief operating officer.
Levenson will become WSFS president and CEO on January 1, 2019.
Subject to the receipt of the required regulatory approvals and the satisfaction of other conditions to closing, the parties expect to close the transaction in the first quarter of 2019. The projected system conversion and rebranding is expected to occur in August 2019.
WSFS Bank is the longest-standing and largest locally-managed bank and trust company headquartered in Delaware. WSFS operates from 77 offices located in Delaware, Pennsylvania, Virginia and Nevada and provides comprehensive financial services, including commercial banking, retail banking, cash management and trust and wealth management.
