Beneficial Bank: WSFS Bank Receives Key Regulatory Approval to Acquire Beneficial Bank

WILMINGTON, Del., Feb. 13, 2019 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ:WSFS) ("WSFS") announced that its primary subsidiary, WSFS Bank, received approval from the Office of the Comptroller of the Currency (OCC) to merge Beneficial Bank, the primary subsidiary of Beneficial Bancorp, Inc. (NASDAQ:BNCL) ("Beneficial"), into WSFS Bank. Subject to the timely receipt of remaining regulatory approvals, WSFS and Beneficial expect to close the mergers of Beneficial and Beneficial Bank into WSFS and WSFS Bank, respectively, on Friday, March 1, 2019. Following the closing of the mergers, WSFS will have approximately $13 billion in assets and will become the largest, longest-standing, locally-headquartered community bank for the Greater Delaware Valley."The OCC's approval is another major milestone in the journey we started last summer to combine the strengths of two local community banks with more than 350 years of combined experience in serving the communities, residents and businesses of the Greater Delaware Valley," said Rodger Levenson, WSFS' President and Chief Executive Officer. "We are excited about the progress we have made to date, and we are confident in our ability to execute on our plan to close this transaction in the coming weeks and integrate our systems by late summer."Following the closing of the mergers, both banks will continue to operate as separate brands under one legal entity (WSFS) until August 2019, when the projected system conversion and rebranding are expected to occur under the WSFS Bank name.About WSFS Financial CorporationWSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of December 31, 2018, WSFS Financial Corporation had $7.2 billion in assets on its balance sheet and $19.0 billion in assets under management and administration. WSFS operates from 76 offices located in Delaware ...Full story available on Benzinga.com