Investment Banking - WSFS Financial Corporation
Transactions | Banking
Client: WSFS Financial Corporation
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
- WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of June 30, 2018, WSFS Financial Corporation had $7.11 billion in assets on its balance sheet and $19.09 billion in assets under management and administration. WSFS operates from 77 offices and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.
- Beneficial Bancorp, Inc. is a community-based, diversified financial services company providing consumer and commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and businesses in the Delaware Valley area since 1853. As of June 30, 2018, Beneficial Bancorp has $5.77 billion in assets on its balance sheet. Beneficial Bank is the oldest and largest bank headquartered in Philadelphia, Pennsylvania, with 72 offices predominantly in Philadelphia and neighboring New Jersey and Southeastern Pennsylvania counties.
- Stockholders of Beneficial will receive 0.3013 shares of WSFS common stock, ~85%, and $2.93 in cash, ~15%, for each share of Beneficial common stock. Based on WSFS’ closing price as of August 7, 2018, the per share value equates to $19.61 for Beneficial stockholders and a total transaction value of approximately $1.5 billion.
- WSFS anticipates consolidating ~25% of the combined physical offices and reinvesting $32 million into a transformational investment in technology. The delivery transformation is expected to produce a top-tier physical and digital servicing platform that will significantly enhance customer experiences across all business lines.
- Beneficial’s CEO and 2 other directors to join WSFS’ Board of Directors.
- The transaction closed March, 2019.
- Boenning served as financial advisor and has issued a fairness opinion to WSFS Financial Corporation.