WSFS Bank Receives OCC Approval to Merge with BMTC

Rhea-AI Summary

WSFS Financial Corporation has received approval from the Office of the Comptroller of the Currency (OCC) for its merger with Bryn Mawr Bank Corporation. The transaction is expected to close in Q4 2021, pending regulatory approvals and other conditions. A system conversion and rebranding are scheduled for January 2022. Chairman and CEO Rodger Levenson expressed optimism about the merger, highlighting efforts from both companies to ensure a smooth integration for associates and customers.

Positive

• Approval from OCC indicates regulatory support for the merger.
• Merger expected to enhance market position and financial capacity.
• Planned integration aims for operational efficiency and improved customer service.

Negative

• Integration challenges may arise during the merger process.
• Potential financial strain from the merger-related expenses.

WILMINGTON, Del., July 26, 2021 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, announced it received approval from the Office of the Comptroller of the Currency (OCC) to merge with Bryn Mawr Bank Corporation (NASDAQ: BMTC). Subject to the remaining regulatory approvals and the satisfaction of other conditions, the parties expect to close the merger in the fourth quarter of 2021. The projected system conversion and Bank rebranding is scheduled to occur in January 2022.

“We are pleased to receive this timely approval of our merger application from the OCC,” said Rodger Levenson, WSFS’ Chairman, President and CEO. “Our highly engaged teams at Bryn Mawr and WSFS are working collaboratively designing and implementing our integration plans and we look forward to a smooth conversion for our Associates and Customers in the upcoming months.”

About WSFS Financial Corporation
WSFS 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 Greater Philadelphia region. As of June 30, 2021, WSFS Financial Corporation had $15.1 billion in assets on its balance sheet and $26.7 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), 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, Cash Connect^®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware^®, NewLane Finance^®, Powdermill^® Financial Solutions, West Capital Management^®, 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.

Investor Relations Contact: Dominic C. Canuso

(302) 571-6833

dcanuso@wsfsbank.com

Media Contact: Rebecca Acevedo

(215) 253-5566

racevedo@wsfsbank.com

FAQ

What is the purpose of the WSFS merger with Bryn Mawr Bank Corporation?

The merger aims to enhance market position and financial capacity for WSFS.

When is the WSFS and Bryn Mawr merger expected to close?

The merger is expected to close in the fourth quarter of 2021.

What changes will occur post-merger for WSFS and Bryn Mawr customers?

A system conversion and rebranding of the bank are scheduled for January 2022.

Who approved the WSFS merger with Bryn Mawr Bank Corporation?

The merger received approval from the Office of the Comptroller of the Currency (OCC).

What are the expected benefits of the WSFS merger?

The merger is expected to provide operational efficiencies and improved customer service.