Penn Liberty is now WSFS
WSFS Financial Corporation , the parent company of WSFS Bank, has completed the acquisition of Penn Liberty Financial Corp, a community bank headquartered in Wayne, Pa.
Penn Liberty Bank accounts have successfully converted to WSFS Bank accounts. All former Penn Liberty Bank customers have full access to WSFS Bank services, and banking offices will reopen for business today with WSFS branding.
As of June 30, 2016, Penn Liberty had approximately $638 million in deposits and $720 million in total assets, which includes $504 million in commercial, small business and consumer loans. The transaction is expected to be accretive to WSFS earnings per share in the first year of operations, excluding transaction and integration costs.
Patrick J. Ward, former CEO of Penn Liberty, will join the WSFS board of directors and assume the role of executive vice president and Pennsylvania market president.
Brian C. Zwaan, former COO of Penn, will become WSFS’ senior vice president of Pennsylvania commercial banking.
The transaction is WSFS’ sixth acquisition since 2008. It brings the WSFS franchise in Southeastern Pennsylvania to 24 banking offices.