WSFS Completes $101M Acquisition of Chesco Bank

WSFS Financial Corp. completed the previously announced $101 million acquisition of Devon-based Penn Liberty Bank.

Penn Liberty brings $638 million in deposits and $720 million in total assets, which includes $504 million in commercial, small business and consumer loans. The transaction is expected to be accretive to WSFS earnings per share in the first year of operations, excluding transaction and integration costs.

Systems and branch conversions have already taken place and former Penn Liberty customers have full access to WSFS services including debit cards, ATMs, online banking and mobile banking.

The addition of Penn Liberty will give Wilmington-based WSFS (NASDAQ:WSFS), the parent company of WSFS Bank, a 24-branch presence in Chester, Delaware and Montgomery counties that will be led by Penn Liberty CEO Pat Ward and COO Brian Zwaan. Ward will serve as Pennsylvania market president and Zwaan will lead commercial banking in the state.

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