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WSFS Announces Remaining Branch Network Decisions Resulting from its Combination with Bryn Mawr Trust
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Rhea-AI Summary
WSFS Financial Corporation (NASDAQ: WSFS) has finalized its network optimization plan following the merger with Bryn Mawr Trust. This includes the consolidation of four banking locations, scheduled to close on May 24, 2023, which are Edgmont, Willow Grove, Riverton, and Mount Holly. This decision completes the commitment to close 40 locations since the merger initiated in March 2022. WSFS aims to enhance customer service and expand its franchise with a total of 88 offices and over 650 ATMs in the region. All employees at the closing locations will be reassigned to nearby offices.
Positive
Successful completion of the network optimization plan post-merger.
Increased operational efficiency with consolidation of four locations.
Continued momentum for long-term growth in Greater Philadelphia and Delaware regions.
Negative
Closure of four banking locations may impact local customer access.
WILMINGTON, Del.--(BUSINESS WIRE)--
WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS”) today announced the final network optimization plan associated with its combination with Bryn Mawr Trust, identifying the final four banking locations to be consolidated later this year.
“This completes our process to thoughtfully integrate and optimize our branch network, providing comprehensive coverage to serve our Customers and grow our franchise through 88 banking office locations and more than 650 WSFS-branded ATMs across the region,” said Shari Kruzinski, Executive Vice President and Chief Consumer Banking Officer, WSFS Bank.
As part of the combination WSFS committed to closing 40 banking office locations, 34 of which were consolidated at bank systems conversion in March 2022, followed by two closures in August 2022. Based on additional reviews of transaction activity and the Bank’s broader Retail network, the following final four locations will officially close at 3:00 p.m. on May 24, 2023.
Edgmont, 5000 West Chester Pike, Newtown Square, Pa.
Willow Grove, 155 New York Road, Willow Grove, Pa.
Riverton, 712 Broad Street, Riverton, N.J.
Mount Holly, 555 High Street, Mount Holly, N.J.
The completion of the Bryn Mawr Trust integration continues WSFS’ positive momentum and capitalizes on traction gained in the Greater Philadelphia and Delaware region over the past three years as it executes on opportunities for long-term growth.
All WSFS Associates currently at these four locations will be assigned to nearby banking offices.
About WSFS Financial Corporation WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in Delaware and the Greater Philadelphia region. As of December 31, 2022, WSFS Financial Corporation had $19.9 billion in assets on its balance sheet and $64.5 billion in assets under management and administration. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.
