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WSFS and BMBC Merge Education and Training Needs of Youth TRANSACTION SOLIDIFIES TOP POSITION in the and Adults

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WSFS and BMBC Merge Education and Training Needs of Youth TRANSACTION SOLIDIFIES TOP POSITION in the and Adults • Training & Education: Reflects the WSFS and BMBC merge education and training needs of youth TRANSACTION SOLIDIFIES TOP POSITION IN THE and adults. • Career Entry: Helps workers from GREATER PHILADELPHIA AND DELAWARE REGION underrepresented populations find IT jobs and feel valued. WSFS Financial Corporation “This combination aligns with our • Career Advancement: Highlights ›› and Bryn Mawr Bank strategic plan,” said Rodger Levenson, clear pathways for career advancement Corporation (NASDAQ: BMTC), jointly WSFS’ Chairman, President and CEO. and peer support and builds a sense of announced on March 10 the signing of “Combining with Bryn Mawr allows us community within IT occupations. a definitive merger agreement whereby to accelerate our long-term strategic Key to the success of this rollout will be Bryn Mawr Bank Corporation (Bryn objectives, including scale to continue Delaware’s ability to align state policies Mawr) will merge with WSFS Financial to invest in our delivery and talent and resources to accelerate the impact Corporation (WSFS), in a transaction transformations. This combination also of the IT talent strategy. The strategy valued at approximately $976.4 mil- creates the premier wealth manage- proposes establishing an employer lion. Simultaneously with the merger, ment and trust business in the region training tax credit and establishing a work The Bryn Mawr Trust Company (BMT), and the sixth largest bank-affiliated share program that uses unemployment the wholly owned subsidiary of Bryn wealth management and trust busi- insurance for part-time layoffs so Mawr, will merge into WSFS Bank, a ness nationwide under $100 billion in employers can hold on to key employees wholly owned subsidiary of WSFS. The assets. Together, we are poised and and use reduced workloads to provide combination of two of the high perform- positioned to continue to serve and needed training. ing, locally-based financial services outperform for all our constituents, It also proposes that dislocated workers companies in the Greater Philadelphia and to deliver sustainable high perfor- receive unemployment when training for a and Delaware region solidifies WSFS’ mance for years to come.” high-demand occupation and that work- position as the preeminent, locally- Frank Leto, President and CEO of ing adults receive credit for skills training headquartered bank for this region. Bryn Mawr, said, “We strongly believe provided by the state’s public institutions. With nearly $20 billion in assets and in the value creation by combining with In terms of ongoing industry-workforce an approximately $43 billion Wealth WSFS and enhancing the strengths of connections, the strategy proposes that Management business as of December our institutions. This is a sound decision the state’s workforce board partner with 31, 2020, WSFS believes that follow- for Bryn Mawr, our stockholders, our industry to fund and support sector coun- ing the merger it will be the only bank Clients and the communities we serve. cils and strategies, advocates for programs in the region with distinct market-share We are combining with WSFS because that integrate wrap-around services with advantages, including market knowl- it is an established institution with deep training to increase access for low-income edge, local decision-making, a full-ser- roots in the region and the utmost focus residents and encourages policies that also vice product suite and a balance sheet on doing the right thing for our Clients.” help justice-involved citizens gain skills that to compete with larger regional and The combination is WSFS’ ninth since will lead to employment. national banks. 2010, including traditional banks and “There are a lot of exciting things going Under the terms of the agreement, other fee-based businesses in south- on in Delaware, and this tech talent pipeline stockholders of Bryn Mawr will receive eastern Pennsylvania and Delaware. plan to place opportunities in front of 0.90 of a share of WSFS common stock WSFS’ proven track record of suc- people who may not yet even know that a for each share of Bryn Mawr common cessful integrations, combined with its tech career could be in their future is one stock. The per share value equates to an strong organic growth and purposeful of them,” said Kurt Foreman, president and implied value of $48.55 for Bryn Mawr expansion into the Greater Philadelphia CEO of DPP, which is itself a public/private stockholders based on the closing price region, has resulted in significant com- partnership. of WSFS stock on March 9, 2021. munity and economic investments. DELAWARE BUSINESS | May/June 2021 15.
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