WSFS Bank Receives OCC Approval to Merge with BMTC
WSFS Financial Corporation has received approval from the Office of the Comptroller of the Currency (OCC) for its merger with Bryn Mawr Bank Corporation.
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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.
Details
News Market Reaction – WSFS
The recorded move for WSFS in the trading session of this news was +1.43%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
| Investor Relations Contact: Dominic C. Canuso |
| (302) 571-6833 |
| dcanuso@wsfsbank.com |
| Media Contact: Rebecca Acevedo |
| (215) 253-5566 |
| racevedo@wsfsbank.com |
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