WILMINGTON, Del., May 17, 2019 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (WSFS), the parent company of WSFS Bank, has completed the sale of five Beneficial Bank retail banking offices in New Jersey with approximately $180 million in deposits to The Bank of Princeton, a New Jersey-based financial institution. The sale includes five Beneficial retail banking offices in Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville, all in New Jersey.
WSFS previously announced a retail banking office optimization plan to consolidate and divest of 30 retail banking offices, or 25%, of the combined WSFS and Beneficial retail network. The plan includes the sale of these five Beneficial retail offices to Bank of Princeton, and the consolidation of 25 WSFS and Beneficial retail locations. Most of the consolidations will be completed during the conversion and rebranding of the remaining Beneficial banking offices in late August 2019. Upon completion of its optimization plan, WSFS Bank will serve Customers of the Greater Delaware Valley from 90 retail locations in Delaware, the City of Philadelphia, Southeastern Pennsylvania and Southern New Jersey.
“We are pleased to have partnered with Bank of Princeton on this important transaction and believe that the Associates and Customers at these locations are in very good hands,” said Rodger Levenson, President and CEO of WSFS. “The sale of these five offices marks another significant milestone on our journey to integrate Beneficial Bank into WSFS Bank. We are executing our integration plans on schedule, and I thank our talented Associates who continue to perform this important work while delivering stellar service to our Customers.”
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 Delaware Valley. As of March 31, 2019, WSFS Financial Corporation had $12.2 billion in assets on its balance sheet and $19.0 billion in assets under management and administration. WSFS operates from 152 offices located in Delaware (49), Pennsylvania (72), New Jersey (29), 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 Beneficial Equipment Finance Corporation, Cash Connect®, Christiana Trust Group, Cypress Capital Management, LLC, NewLane Finance, Powdermill Financial Solutions, WSFS Institutional Services, WSFS Wealth Investments, West Capital Management, and WSFS Mortgage and Arrow Land Transfer. 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 wsfsbank.com.
