WSFS Financial Corporation to Combine with Bryn Mawr Bank Corporation, Solidifies Position as the Premier Bank and Wealth Management Franchise in the Greater Philadelphia and Delaware Region
Combination accelerates delivery and talent transformations by providing greater scale to leverage existing investments and enhance long-term initiatives.
WILMINGTON, Del. and BRYN MAWR, Pa., March 10, 2021 (GLOBE NEWSWIRE) — WSFS Financial Corporation (NASDAQ: WSFS) and Bryn Mawr Bank Corporation (NASDAQ: BMTC), jointly announced today the signing of a definitive merger agreement whereby Bryn Mawr Bank Corporation (“Bryn Mawr”) will merge with WSFS Financial Corporation (“WSFS”), in a transaction valued at approximately $976.4 million. Simultaneously with the merger, The Bryn Mawr Trust Company (“BMT”), the wholly owned subsidiary of Bryn Mawr, will merge into WSFS Bank, a wholly owned subsidiary of WSFS. The combination of two of the high performing, locally-based financial services companies in the Greater Philadelphia and Delaware region solidifies WSFS’ position as the preeminent, locally-headquartered bank for this region. With nearly $20 billion in assets and an approximately $43 billion Wealth Management business as of December 31, 2020, WSFS believes that following the merger it will be the only bank in the region with distinct market-share advantages, including market knowledge, local decision-making, a full-service product suite and a balance sheet to compete with larger regional and national banks.
