WSFS Financial Completes Beneficial Bank Integration into WSFS Bank
AUG 28, 2019 - 6:45 am
WSFS Financial completed the systems integration and rebranding of Beneficial Bank into its primary subsidiary, WSFS Bank.
All Beneficial Bank accounts have successfully converted to WSFS Bank accounts. All legacy Beneficial Bank customers, now WSFS Bank customers, have full access to WSFS Bank services and solutions, including more than 90 retail banking offices across Delaware, the City of Philadelphia, southeastern Pennsylvania, and southern New Jersey; and a network of nearly 500 WSFS ATMs.
WSFS President and CEO Rodger Levenson said, “We welcome our newest Customers to WSFS Bank. This integration and rebranding effort caps a year-long process to thoughtfully combine the two longest-standing community banks of the Greater Delaware Valley to create the largest locally headquartered bank with the benefit of over 300 combined years of service to our region.”
He continued, “At more than $12 billion in assets, WSFS Bank now fills a long-standing gap between big banks and smaller community banks in the Greater Delaware Valley. This unique market positioning will enable us to continue delivering sustainable high performance for years to come.”
Over the past weekend, WSFS continued to execute on its previously announced retail banking office optimization plan to consolidate 25% of the combined WSFS and Beneficial banking locations. WSFS consolidated 21 offices out of a total of 14 Beneficial and 11 WSFS locations that are scheduled to close.
The successful combination is WSFS’ eighth acquisition since 2010, including traditional banks and other fee-based companies. Such growth has uniquely positioned WSFS to build deeper relationships with its Customers across an expanded footprint.
WSFS Financial 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 Delaware Valley. As of June 30, 2019, the company had $12.2 billion in assets on its balance sheet and $19.7 billion in assets under management and administration.
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