Bryn Mawr has been the headquarters location for the Bryn Mawr Bank and Bryn Mawr Trust, for about 134 years. It was a good run, but it’s just about over now.
On Thursday, July 10, WSFS and Bryn Mawr Corp. issued this joint press release.
WILMINGTON, Del. and BRYN MAWR, Pa. — 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 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 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 Corporation
Bryn 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.
A 1895 photo of a building that housed the Bryn Mawr National Bank and Bryn Mawr Trust. Located at the current site of the Bryn Mawr Post Office. Photo source Lower Merion Historical Society. Bryn Mawr Trust and Bryn Mawr Bank merged on December 31, 1954.
The current location of Bryn Mawr Trust opened in 1928. Photo source Brynmawrpa.org.