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WSFS FINANCIAL CORPORATION

(WSFS)
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WSFS Financial : Bank Receives OCC Approval to Merge with BMTC

07/26/2021 | 08:31am EDT

WILMINGTON, Del., July 26, 2021 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, announced it received approval from the Office of the Comptroller of the Currency (OCC) to merge with Bryn Mawr Bank Corporation (NASDAQ: BMTC). Subject to the remaining regulatory approvals and the satisfaction of other conditions, the parties expect to close the merger in the fourth quarter of 2021. The projected system conversion and Bank rebranding is scheduled to occur in January 2022.

“We are pleased to receive this timely approval of our merger application from the OCC,” said Rodger Levenson, WSFS’ Chairman, President and CEO. “Our highly engaged teams at Bryn Mawr and WSFS are working collaboratively designing and implementing our integration plans and we look forward to a smooth conversion for our Associates and Customers in the upcoming months.”

About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of June 30, 2021, WSFS Financial Corporation had $15.1 billion in assets on its balance sheet and $26.7 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware®, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

Investor Relations Contact: Dominic C. Canuso
(302) 571-6833
dcanuso@wsfsbank.com
 
Media Contact: Rebecca Acevedo
(215) 253-5566
racevedo@wsfsbank.com


Source: WSFS Financial Corporation

2021 GlobeNewswire, Inc., source Press Releases

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Financials (USD)
Sales 2021 454 M - -
Net income 2021 164 M - -
Net Debt 2021 - - -
P/E ratio 2021 12,4x
Yield 2021 1,16%
Capitalization 2 113 M 2 113 M -
Capi. / Sales 2021 4,65x
Capi. / Sales 2022 3,80x
Nbr of Employees 1 838
Free-Float 81,6%
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 44,46 $
Average target price 52,33 $
Spread / Average Target 17,7%
EPS Revisions
Managers and Directors
Rodger Levenson Chairman, President & Chief Executive Officer
Dominic C. Canuso Chief Financial Officer & Executive Vice President
Lisa Brubaker Chief Information Officer & Executive VP
Jennifer Wagner Davis Independent Director
Anat M. Bird Independent Director