WSFS Financial Corporation (NASDAQ: WSFS) and Bryn Mawr Bank
Corporation (NASDAQ: BMTC), jointly announced today that their
respective stockholders approved the previously announced merger
of BMTC into WSFS at a special meeting of stockholders for
each company.
“Stockholder approval from both companies is
another milestone in our combination that will make WSFS one of the
only banks headquartered in the region with local market knowledge,
local decision-making, a balance sheet to compete with the larger
banks, and a full-service product suite, including a premier wealth
business,” said Rodger Levenson, WSFS’ Chairman, President and
CEO.
Subject to required 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.
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 Greater Philadelphia region. 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
banking offices, located in Pennsylvania (51), 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 (Cypress), 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.
About Bryn Mawr Bank CorporationBryn 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, Pa. BMT is a locally managed, premier
financial services company providing retail and commercial banking;
trust administration 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
3/31/21). Today, the company operates 39 banking locations, seven
(7) wealth management offices and two (2) insurance and risk
management locations in the following counties: Montgomery,
Chester, Delaware, Philadelphia, and Dauphin Counties in
Pennsylvania; New Castle County in Delaware; and Mercer and Camden
Counties in New Jersey. For more information, please visit
bmt.com.
Forward-Looking StatementsThis press release
contains estimates, predictions, opinions, projections and other
“forward-looking statements” as that phrase is defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, statements relating to the
impact WSFS and BMTC expect their proposed merger to have on the
combined entity’s operations, financial condition, and financial
results, and WSFS’s and BMTC’s expectations about their ability to
successfully integrate their respective businesses and the amount
of cost savings and overall operational efficiencies WSFS and BMTC
expect to realize as a result of the proposed acquisition. The
forward-looking statements also include predications 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 outlook or
expectations for earnings, revenues, expenses, capital levels,
liquidity levels, asset quality or other future financial or
business performance, strategies or expectations. The words
“believe,” “intend,” “expect,” “anticipate,” “strategy,” “plan,”
“estimate,” “approximately,” “target,” “project,” “propose,”
“possible,” “potential,” “should” and similar expressions, among
others, generally identify forward-looking statements. Such
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 which could cause actual results to differ materially from
those currently anticipated. Such risks and uncertainties include,
but are not limited to, the possibility that the proposed
acquisition does not close when expected or at all because required
regulatory or other approvals and other conditions to closing are
not received or satisfied on a timely basis or at all; the delay in
or failure to close for any other reason; changes in WSFS’s share
price before closing; the outcome of any legal proceedings that may
be instituted against WSFS or BMTC; the occurrence of any event,
change or other circumstance that could give rise to the right of
one or both parties to terminate the merger agreement providing for
the merger; the risk that the businesses of WSFS and BMTC will not
be integrated successfully; the possibility that the cost savings
and any synergies or other anticipated benefits from the proposed
acquisition may not be fully realized or may take longer to realize
than expected; disruption from the proposed acquisition making it
more difficult to maintain relationships with employees, customers
or other parties with whom WSFS or BMTC have business
relationships; diversion of management time on merger-related
issues; risks relating to the potential dilutive effect of the
shares of WSFS common stock to be issued in the proposed
transaction; the reaction to the proposed transaction of the
companies’ customers, employees and counterparties; 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 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’s Annual Report on Form 10-K for the year ended December
31, 2020, BMTC’s Annual Report on Form 10-K for the year ended
December 31, 2020 and any updates to those risk factors set forth
in WSFS’s and BMTC’s Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other filings, 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, expressed or
implied, included herein are expressly qualified in their entirety
by the cautionary statements contained or referred to herein. The
actual results or developments anticipated may not be realized or,
even if substantially realized, they may not have the expected
consequences to or effects on WSFS, BMTC or their respective
businesses or operations. We caution readers not to place undue
reliance on any such forward- looking statements, which speak only
as of the date on which they are made. Neither WSFS nor BMTC
undertakes any obligation, and specifically declines 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: Dominic C. Canuso |
(302) 571-6833 |
dcanuso@wsfsbank.com |
Media Contact: Rebecca Acevedo |
(215) 253-5566 |
racevedo@wsfsbank.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b447cd0-b4c2-4e01-b77d-d5e8a4c29eac
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