WILMINGTON, Del. and BRYN MAWR, Pa., June 10, 2021 (GLOBE NEWSWIRE) – WSFS Financial Corporation (NASDAQ: WSFS) and Bryn Mawr Bank Corporation (NASDAQ: BMTC), jointly announced today that their respective shareholders have approved the announced merger of BMTC into WSFS at a special meeting of shareholders of each company.
“The approval of the shareholders of the two companies is another important step in our combination which will make WSFS one of the only banks headquartered in the region with local market knowledge, local decision-making, a track record for compete with the biggest banks and a full-service product line, including a premier wealth management company, ”said Rodger Levenson, Chairman, President and CEO of WSFS.
Subject to required regulatory approvals and other conditions being met, the parties expect to complete the merger in the fourth quarter of 2021. The planned system conversion and rebranding of the Bank is expected to occur in January 2022.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its principal subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company, headquartered in Delaware and the greater Philadelphia area. As of March 31, 2021, WSFS Financial Corporation had $ 14.7 billion in assets on its balance sheet and $ 24.7 billion in assets under management and administration. WSFS operates from 111 offices, 88 of which are bank offices, located in Pennsylvania (51), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides services comprehensive financial services, including commercial banking, banking, treasury management, and fiduciary and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC (Cypress), Christiana Trust Company of Delaware®, NewLane Finance®, Powder mill® 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 operating permanently under the same name. For more information, please visit www.wsfsbank.com.
About Bryn Mawr Bank Corporation
Bryn Mawr Bank Corporation (NASDAQ: BMTC), including its principal subsidiary, The Bryn Mawr Trust Company (BMT), was founded in 1889 and is headquartered in Bryn Mawr, Pennsylvania. BMT is a leading, locally managed financial services company providing retail and commercial banking services; administration of trusts and wealth management; and insurance and risk management solutions. Bryn Mawr Bank Corporation has $ 4.9 billion in corporate assets and $ 20 billion in wealth assets under management, administration, supervision and brokerage (as of 03/31/21). Today, the company operates 39 bank branches, seven (7) wealth management offices and two (2) insurance and risk management branches in the following counties: Montgomery, Chester, Delaware, Philadelphia and Dauphin County in Pennsylvania; New Castle County in Delaware; and the counties of Mercer and Camden in New Jersey. For more information, please visit bmt.com.
This press release contains estimates, predictions, opinions, projections and other “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements on Impact WSFS and BMTC expects that the proposed merger will have an impact on the operations, financial condition and financial results of the combined entity, as well as on the expectations of WSFS and BMTC regarding their capacity. to successfully integrate their respective businesses and the amount of cost savings and overall operational efficiency that WSFS and BMTC expect to achieve as a result of the proposed acquisition. Forward-looking statements also include predictions or expectations of future business or financial performance as well as goals and objectives for future operations, financial and business trends, business prospects, and management’s prospects or expectations for profits, revenues. , expenses, capital levels, liquidity levels, quality of assets or other future financial or business performance, strategies or expectations. The words “believe”, “intend”, “expect”, “anticipate”, “the strategy”, “plan”, “estimate”, “approximately”, “target”, “plan”, ” propose ”,“ possible ”,“ potential ”,“ should ”and similar expressions, among others, generally identify forward-looking statements. These forward-looking statements are based on various assumptions (many of which are beyond the control of WSFS and BMTC) and are subject to risks and uncertainties (which change over time) and other factors that could cause the actual results differ significantly from those currently anticipated. These risks and uncertainties include, but are not limited to, the possibility that the proposed acquisition will not be completed on time or not at all because required regulatory or other approvals and other closing conditions are not received or met. timely or not at all; delay or failure of closure for any other reason; changes in the WSFS share price prior to closing; the outcome of any legal proceedings that may be brought against WSFS or BMTC; the occurrence of any event, change or other circumstance that may give rise to the option of one or both parties to terminate the merger agreement providing for the merger; the risk that the activities of WSFS and BMTC will not be successfully integrated; the possibility that the cost savings and synergies or other benefits expected from the proposed acquisition will not be fully realized or may take longer than expected to be realized; a disruption due to the proposed acquisition making it more difficult to maintain relationships with employees, customers or other parties with whom WSFS or BMTC does business; the diversion of management time on merger-related issues; risks relating to the potential dilutive effect of the common shares of WSFS to be issued in connection with the proposed transaction; the reaction to the proposed transaction from customers, employees and counterparties of companies; uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic on WSFS, BMTC and the proposed transaction; and other factors, many of which are beyond the control of the WSFS and BMTC. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of WSFS Annual Report on Form 10-K for the year ended December 31, 2020, report BMTC Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and any updates to the risk factors set out in WSFS and BMTC Quarterly Reports on Form 10-Q, Current Reports on Form 8 -K and other documents, which have been filed by WSFS and BMTC with the SEC and are available on the SEC’s website at www.sec.gov. All forward-looking statements, express or implied, included herein are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Actual results or anticipated developments may not be realized or, even if substantially realized, they may not have the consequences or expected effects on WSFS, BMTC or their respective activities or operations. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Neither WSFS nor BMTC undertakes, and specifically disclaims any obligation, to revise or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as specifically required by law.
|Investor Relations Contact: Dominique C. Canuso|
|Media contact: Rebecca Acevedo|