WSFS Financial Corporation Receives All Required Approvals to Acquire Bryn Mawr Bank Corporation
WILMINGTON, Del. and BRYN MAWR, Pa., Dec. 20, 2021 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS) (“WSFS”), the parent company of WSFS Bank, and Bryn Mawr Bank Corporation (Nasdaq: BMTC) (“BMTC”), the parent company of The Bryn Mawr Trust Company, jointly announced that WSFS has received all required approvals to acquire BMTC, and to merge its primary subsidiary, Bryn Mawr Trust into WSFS Bank. The Board of Governors of the Federal Reserve System (the “Federal Reserve”) approved WSFS’ acquisition of BMTC, which is the final required regulatory approval for the proposed combination. With overwhelming approvals from WSFS and BMTC stockholders, and regulatory approvals from the Federal Reserve and WSFS Bank’s primary regulator, the Office of the Comptroller of the Currency, WSFS and BMTC expect to close the transaction on January 1, 2022.
- and BRYN MAWR, Pa., Dec. 20, 2021 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS) (WSFS), the parent company of WSFS Bank, and Bryn Mawr Bank Corporation (Nasdaq: BMTC) (BMTC), the parent company of The Bryn Mawr Trust Company, jointly announced that WSFS has received all required approvals to acquire BMTC, and to merge itsprimary subsidiary, Bryn Mawr Trust into WSFS Bank.
- We are pleased to have received all required approvals and are looking forward to consummating our combination shortly, said WSFS Chairman, President and Chief Executive Officer Rodger Levenson.
- 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 used in this press release, the terms "WSFS", "the Company, registrant", "we", "us", and "our" mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, and the term BMTC means Bryn Mawr Bank Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.