WSFS Financial Corporation, the parent company of WSFS Bank, and Bryn Mawr Bank Corporation (BMTC), the parent company of The Bryn Mawr Trust Company, jointly announced WSFS has received all required approvals to acquire BMTC, and to merge its primary subsidiary, Bryn Mawr Trust into WSFS Bank. The Board of Governors of the Federal Reserve System approved WSFS’ acquisition of BMTC, which is the final required regulatory approval for the proposed combination.

With overwhelming approvals from WSFS and BMTC stockholders, and regulatory approvals from the Federal Reserve and WSFS Bank’s primary regulator, the Office of the Comptroller of the Currency, WSFS and BMTC expect to close the transaction on Jan. 1, 2022.

“We are pleased to have received all required approvals and are looking forward to consummating our combination shortly,” said Rodger Levenson, WSFS Chairman, President and Chief Executive Officer. “This combination brings together both companies’ long history of service for our customers and communities to form the premier, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.”

BMTC and WSFS will continue to operate separately until systems and brand conversion in late Q1 2022. BMTC wealth management Clients will continue to be served by the same BMTC professionals and the integration of the WSFS and BMTC wealth management groups will take place throughout 2022. After the transaction closes, both banks’ customers will have immediate and free access to the combined WSFS and BMTC ATM network of more than 600 ATMs.

Equipment Finance Advisor reported WSFS and BMTC jointly announced the signing of a definitive merger agreement in March 2021.