Philadelphia Business Journal reported on Wednesday (December 29) that – WSFS really put itself on the radar in southeastern Pennsylvania and South Jersey two years ago with the $1.2 billion acquisition of Beneficial Bancorp — increasing its total assets from $7 billion to $13 billion and becoming the largest bank based in the region.
It may have cemented that status in 2021 with the planned $976 million acquisition of Bryn Mawr Bank Corp., which will push WSFS to almost $20 billion in assets, almost $45 billion in assets under management and 90 branches.
According to the Business Journal – WSFS CEO Rodger Levenson said WSFS will have the sixth-largest wealth business of any U.S bank with $100 billion or fewer assets. WSFS also plans to keep Bryn Mawr’s top executives in that area — and at least 70% of the bank’s 600 total employees.
The Business Journal also noted that for some, there will be downsides to the acquisition of the 134-year-old Bryn Mawr Trust. They wrote – There is sure to be some dislocation from this deal, as some employees, business lines and clientele might not fit at WSFS. But WSFS will still emerge from this deal as by far the largest local bank, aiming to distance itself from other regional and community banks while providing a locally based alternative to larger competitors such as Wells Fargo, TD Bank, PNC Bank, Bank of America and Citizens Bank.
I signed on with Bryn Mawr Bank because it was strictly local . I do not believe this is in the best interest of the community. Sad.