WSFS Financial Completes Acquisition of Bryn Mawr Bank Corporation

WSFS Financial, the parent company of WSFS Bank, completed its acquisition of Bryn Mawr Bank Corporation and its primary subsidiary, the Bryn Mawr Trust Company.

In addition, in accordance with the merger agreement, Frank J. Leto, Lynn B. McKee and Diego F. Calderin are joining the board of directors of WSFS Financial and WSFS Bank.

With the acquisition finalized, WSFS Financial, a locally headquarters bank and wealth management franchise in the Philadelphia and Delaware region, has approximately $20 billion in assets and approximately $49 billion in assets under administration and management.

“Both companies bring a long history of service for our customers and communities, and together we will bring a deeper level of knowledge and commitment to the region,” Rodger Levenson, chairman, president and CEO of WSFS Financial, said. “Our customers will benefit from a highly engaged and dedicated team whose primary focus is delivering premier products and services to the greater Philadelphia and Delaware region. We are also pleased to welcome Frank Leto, Lynn McKee and Diego Calderin to the WSFS board of directors. We know they will bring new ideas, perspectives and industry acumen to complement the current board’s leadership and institutional knowledge.”

Bryn Mawr Trust and WSFS customer relationships will continue business as usual until the anticipated systems integration and brand conversion in late Q1/22.

Bryn Mawr Trust Wealth Management clients will continue to be served by the same professionals from Bryn Mawr Trust Wealth Management. The integration of WSFS Wealth and Bryn Mawr Trust Wealth Management will take place throughout 2022. Both banks’ customers, however, have immediate and free access to the combined WSFS and Bryn Mawr Trust ATM network of more than 600 ATMs.

Leto served as the president of Bryn Mawr Bank Corporation since May 2014 and CEO of Bryn Mawr Bank Corporation and Bryn Mawr Trust since January 2015. Prior to that, between 2009 and 2014, Leto held roles within the organization including executive vice president of Bryn Mawr Trust’s wealth management division, general counsel and chief operating officer. Leto was also one of the longest standing directors of Bryn Mawr Bank Corporation and Bryn Mawr Trust, having served on the boards of directors from 2002 to 2021, including as lead independent director from 2006 through 2009.

McKee is the executive vice president of human resources for Aramark, a global services management company employing about 248,000 associates across 19 countries. In her role, McKee is responsible for all aspects of human resources, including building culture and employee engagement; compensation and benefits; talent management, including talent acquisition, executive and leadership development and succession planning; and employee and labor relations. McKee also oversees Aramark’s diversity, equity and inclusion; sustainability; and community relations functions in addition to corporate services.

McKee previously served as a member of the boards of directors of Bryn Mawr Bank Corporation and Bryn Mawr Trust, where she was chair of the management development and compensation committee.

Calderin is the co-founder and managing partner of Banbury Systems, a data acquisition platform company that provides inventory tracking using advanced RFID readers with GPS and cellular transmission. He was an original co-founder and chief technology officer of Anexinet, a digital systems integration company. In 2014, Calderin and his partners sold Anexinet to a private equity company. Prior to Anexinet, Calderin was a software engineer with General Electric and consulted at Fortune 500 companies.

Calderin previously served as a member of the boards of directors of Bryn Mawr Bank Corporation and Bryn Mawr Trust, where he was chair of the IT steering committee.

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