WSFS Financial Corporation announced that WSFS Bank, its wholly owned subsidiary, has entered into a definitive agreement to purchase the assets and operations of Array Financial Group Inc., a mortgage banking company, and a related entity, Arrow Land Transfer Company, an abstract and title company, both headquartered in nearby Haverford, Pa., by means of an asset purchase transaction which closed July 31.
Array Financial is a leading Delaware Valley mortgage banking company specializing in a variety of residential mortgage and refinancing solutions.
“Mortgage financing is a core community banking product and needed to help families and communities grow and prosper,” said Mark A. Turner, WSFS president and chief executive officer. “Now is an opportune time as we see steady signs of the local economy improving, to expand WSFS’ mortgage banking business, especially in the southeastern Pennsylvania market which has very favorable demographics and where we are enhancing our presence. This is clearly a scale business and this partnership helps us achieve some of those economies.”
“We founded Array Financial to provide high-touch mortgage solutions for our clients,” said Jeffrey M. Ruben, president of Array Financial and Arrow Land Transfer Company. “Over the past eight years, we’ve built many relationships with key influencers throughout our market and managed tremendous growth even through the great recession. WSFS will help us to continue our growth, expand our product offering and create synergies and efficiencies in our combined platform to even better serve our clients.”
Array Financial and Arrow will each be divisions of WSFS Bank and will continue to operate under their same names and locations at 510 West Lancaster Ave. in Haverford. All current employees with Array Financial and Arrow will become WSFS associates.
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest, locally managed bank and trust company headquartered in Delaware with $4.4 billion in assets on its balance sheet and $17.1 billion in fiduciary assets, including approximately $1.1 billion in assets under management. For more information, go to www.wsfsbank.com.