WSFS receives approval to merge with Alliance Bank

WSFS Financial Corp., parent company of WSFS Bank, announced the Office of the Comptroller of the Currency has approved the bank's application to merge with Alliance Bank, a wholly owned subsidiary of Alliance Bancorp Inc. of Pennsylvania.

The approval was the final one required for WSFS to acquire Alliance Bancorp Inc. and Alliance Bank.

"We are very pleased to have received the OCC's approval, which was the final regulatory approval to completing the transaction,” said Mark A. Turner, president and CEO of WSFS Bank. “Our partnership with Alliance Bank furthers many of our strategic goals including expanding our service-oriented, community banking model deeper into southeastern Pennsylvania. WSFS and Alliance Bank share many of the same values, including the passion for serving our customers and a steadfast commitment to local, community banking.”

The approval follows approvals by the Alliance Bancorp shareholders and the Pennsylvania Department of Banking and Securities. The acquisition is expected to be accretive to WSFS earnings per share in the first year of combined operations, excluding transaction and integration costs.

The acquisition is expected to be completed Friday, Oct. 9, and the systems conversion of Alliance Bank to WSFS Bank’s systems is expected to occur by Tuesday, Oct. 13.

Following the transaction, WSFS Bank will have 63 offices, with 17 locations in southeastern Pennsylvania, and will grow to have $5.5 billion in assets, firmly positioning itself as the oldest and largest bank headquartered in the Delaware Valley. “WSFS was just named as a top workplace for the 10th year in a row,” said Rodger Levenson, chief financial officer. “It is with this passion and commitment that we look forward to the upcoming combination and ability to serve new customers and communities.”