WSFS Financial Corporation, parent company of WSFS Bank, announced Nov. 25 that it has signed a definitive agreement to merge with First Wyoming Financial Corporation. Following the merger, The First National Bank of Wyoming, the wholly owned subsidiary of First Wyoming Financial Corporation, will be merged with WSFS Bank.
Headquartered in Wyoming, FNB of Wyoming opened in 1909 as an independent, locally managed community bank serving central Delawareans with personal and business banking services. FNB of Wyoming reported approximately $307.7 million in assets and $249.7 million in deposits as of Sept. 30 and serves its customers from six branch locations.
WSFS President and Chief Executive Officer Mark A. Turner said, “Our partnership with FNB of Wyoming furthers many of our strategic goals and meaningfully adds to earnings per share going forward while immediately maintaining tangible common equity.
"As an in-market combination, it significantly enhances our presence in Kent County, where the combined company will have the No. 2 market share in deposits. As Delaware’s No. 2 SBA lender in 2013, FNB of Wyoming will strengthen our commercial and small business teams, and add important relationships to our banking franchise and associates.”
The transaction is valued at approximately $64 million. The closing is anticipated to occur during the third quarter of 2014, subject to approval by First Wyoming Financial Corporation shareholders, regulatory approvals and other customary closing conditions.
Sandler O’Neill + Partners LP acted as financial advisor to WSFS and its legal counsel was DLA Piper LLP (U.S.). Gerrish McCreary Smith PC served as legal counsel to First Wyoming Financial Corporation. The agreement has been approved by both of the Boards of Directors of WSFS and First Wyoming Financial Corporation.
More information is available on the Investor Relations page of www.wsfsbank.com.