Investment Banking - WSFS Financial Corporation

Transactions | Banking

Client: WSFS Financial Corporation
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor

  • WSFS Financial Corporation (“WSFS”) and Alliance Bancorp, Inc. of Pennsylvania (“Alliance”) have entered into a definitive agreement and plan of merger whereby WSFS will acquire Alliance for a total merger consideration of approximately $92 million.
  • Alliance is the bank holding company for Greater Delaware Valley Savings Bank d/b/a Alliance Bank, a $421 million asset bank with 8 branches located in Delaware and Chester County, PA as of December 31, 2014.
  • WSFS is the bank holding company for Wilmington Savings Fund Society, FSB, a $4.9 billion asset bank with 55 offices located throughout Delaware and Pennsylvania.
  • WSFS viewed Alliance as the only remaining independent community bank of scale headquartered in attractive Delaware County market, a highly desirable, complimentary market expansion opportunity for the franchise. Following the merger, WSFS has 17 locations in southeastern Pennsylvania, including 11 in Delaware County.
  • Alliance shareholders received consideration of $22.00 in cash or 0.28955 shares of WSFS common stock, subject to an overall allocation of exchange of shares into 70% common stock and 30% cash. Additionally, WSFS redeemed Alliance’s options for approximately $3.4 million in cash.
  • Pro Forma for the transaction, WSFS has approximately $5.3 billion in assets, $3.5 billion in net loans, and $4.0 billion in deposits as of December 31, 2014.
  • Boenning served as financial advisor to WSFS Financial Corporation.