WSFS Financial Corporation announced that its stockholders overwhelmingly approved the previously announced merger of Beneficial Bancorp Inc. with and into WSFS at a special meeting of stockholders held Dec. 12.
As previously announced, Beneficial stockholders approved the merger at a special meeting of stockholders held on Dec. 6.
“The votes of approval by both companies’ stockholders represent another major milestone in our plan to transform WSFS Bank into the premier, locally-headquartered community bank with the size, scale and modern technologies to compete with banks of all sizes,” said WSFS Executive Vice President and Chief Operating Officer Rodger Levenson, who will become WSFS’ president and CEO on Jan. 1.
Subject to the receipt of the required regulatory approvals and the satisfaction of other conditions to closing, the parties expect to close the merger in the first quarter of 2019. The projected system conversion and rebranding is expected to occur in August.
For more, visit wsfsbank.com.