WSFS Bank and Beneficial Bank Agree to Sell Five New Jersey Retail Banking Offices to The Bank of Princeton
BENEFICIAL BANCORP (BNCL)
US:NASDAQ Investor Relations:
ir.thebeneficial.com
Company Research
Source: GlobeNewswire
WILMINGTON, Del., Feb. 04, 2019 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS) (“WSFS”) and Beneficial Bancorp, Inc. (Nasdaq: BNCL) (“Beneficial”) announced that, in connection with their proposed combination, Beneficial’s banking subsidiary, Beneficial Bank, will sell five New Jersey banking offices with approximately $190 million of deposits to The Bank of Princeton (Nasdaq: BPRN) (“Bank of Princeton”), a New Jersey-based financial institution. WSFS previously announced a retail banking office optimization plan that includes the consolidation of 14 Beneficial Bank and 11 WSFS Bank banking offices, and the sale of five additional Beneficial Bank offices that are located on the outer edges of the combined WSFS and Beneficial footprint. The decision to sell the five retail offices was made after teams from WSFS and Beneficial conducted an extensive analysis of the combined franchise. WSFS also committed to reinvest 50% (approximately $32 million) of the estimated
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