WSFS completes integration of Bryn Mawr Trust
WILMINGTON – WSFS Financial Corp. reported Tuesday that it has completed the brand conversion and systems integration of Bryn Mawr Trust into its primary subsidiary, WSFS Bank.
All Bryn Mawr Trust banking accounts have successfully converted to WSFS Bank accounts, meaning all customers have full access to WSFS Bank products and services, including 94 retail banking offices and more than 600 ATMs across the greater Philadelphia and Delaware region.
WSFS is also continuing its previously announced plan to consolidate 30% of the combined banking locations. WSFS has already consolidated 34 offices, including 22 Bryn Mawr Trust and 12 WSFS locations, as part of the combination due to geographic overlap and opportunities to optimize within the network. Six additional locations will be closed in the future.
The $976.4 million Bryn Mawr acquisition deal will grow WSFS’ assets by about 25% and its wealth management assets by more than 40%, totaling post-merger nearly $20 billion and $43 billion, respectively, as of Dec. 31. According to an investor presentation, WSFS would become the sixth largest bank by deposits in the Philadelphia-Wilmington-Camden metropolitan area after the merger, leapfrogging its biggest Delaware competitor M&T Bank.
“We’re excited to welcome our newest customers from Bryn Mawr Trust to WSFS,” said Rodger Levenson, chairman, president and CEO of WSFS, in a statement. “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,” he added.
Legacy BMT Wealth Management clients will continue to be served by the same professionals. The wealth group’s integration will take place throughout 2022.
The Bryn Mawr acquisition is WSFS’ ninth since 2010, including traditional banks and other fee-based companies.