We are pleased to announce that Bryn Mawr Bank Corporation has agreed to combine with WSFS Financial to create the premier, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.
The combination of our two companies is really good news for both our Customers and Clients alike, who appreciate community-focused banking and who value our local market knowledge and local decision making. Together, we will strengthen our efforts as we serve our neighbors and friends across the communities we serve.
We are committed to keeping you informed of our progress as we plan for our combined future and we are excited about the power of this historic partnership. Please check back regularly for up‑to‑date information.
View our press release here.
The projected closing of the combination of our two organizations is early in the fourth quarter of 2021. After closing, our combined Company will serve the region under the WSFS Bank brand. We do not have an exact date but will communicate when it is available.
Our banks share many of the same markets. We anticipate consolidating approximately 30% of the combined physical banking offices due to geographic overlap and opportunities to optimize within the network. We are in the process of evaluating the entire footprint of our combined Company to identify consolidations. As always, we will communicate forthrightly and frequently, so everyone is informed and kept up‑to‑date.
Customers will not have access to their WSFS accounts at BMT locations until after the integration of systems is complete, the timing of which is to be determined.
This combination further strengthens our overall wealth capabilities, including wealth, estate and tax planning, investment solutions, family office services, personal trusts, insurance and corporate trust services.