WSFS Financial Corporation on Feb. 28 announced that it has full approval to acquire Beneficial Bancorp, Inc. WSFS Bank and Beneficial Bank will merge as a result of the $1.5 billion deal.
The Board of Governors of the Federal Reserve approved WSFS’ acquisition of Beneficial. That is the final regulatory hurdle in the acquisition, which was first announced in August. The merger will make the combined company the largest, locally-based community bank in the Greater Delaware Valley
WSFS expects to complete the transaction on Friday, March 1.
“We are pleased to have received all required approvals and we’re looking forward to officially finalizing our combination in the coming days,” said WSFS President and Chief Executive Officer Rodger Levenson. “We are excited to bring our mission of We Stand For Service to additional communities in the Greater Delaware Valley, including the City of Philadelphia, throughout Southeastern Pennsylvania and in communities in southern New Jersey.”
The banks will maintain their own brands until August 2019, when a rebranding will take place under the WSFS Bank name.
During the acquisition, the companies announced plans to consolidate 25 percent of their combined retail banking offices. The planned closures are a response to changing banking habits, including more digital banking services.
WSFS will also raise the minimum wage across the combined organization to WSFS’ current minimum
of $15 an hour.
