WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, announced it has obtained all required approvals to acquire Penn Liberty Financial Corp. (Penn Liberty).
Approvals included Penn Liberty shareholder approval, regulatory approval from the Office of the Comptroller of the Currency and Pennsylvania Department of Banking as well as a waiver from the Board of Governors of the Federal Reserve System. Additionally, the transaction was previously approved by the WSFS and Penn Liberty Boards of Directors.
Following the combination, WSFS Bank will have over 70 offices including 24 locations in Southeastern Pennsylvania. WSFS will also have over $6 billion in assets, making it the oldest and largest full-service bank and trust company headquartered in the Delaware Valley.
“We are excited to welcome Patrick Ward, Brian Zwaan and their team from Penn Liberty Bank,” said Mark A. Turner, president and CEO of WSFS Bank.
The transaction is expected to meet or exceed all of WSFS’ financial return hurdles and is projected to be immediately accretive to earnings per share, excluding one-time costs.
Subject to customary closing conditions, the transaction is expected to close on Aug. 12, and Penn Liberty Bank will be fully converted and integrated that weekend and open as WSFS Bank on Aug. 15.
