{"id":456247,"date":"2021-03-11T14:41:09","date_gmt":"2021-03-11T19:41:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=456247"},"modified":"2021-03-11T14:41:09","modified_gmt":"2021-03-11T19:41:09","slug":"kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/","title":{"rendered":"KBRA Affirms Ratings for WSFS Financial Corporation Following its Announcement to Combine with Bryn Mawr Bank Corporation"},"content":{"rendered":"
\n

WILMINGTON, Del., March 11, 2021 (GLOBE NEWSWIRE) — Kroll Bond Rating Agency (KBRA) affirmed the ratings of WSFS Financial Corporation (NASDAQ: WSFS) (\u201cWSFS\u201d) following the March 10, 2021 announcement to combine with Bryn Mawr Bank Corporation (NASDAQ: BMTC) (\u201cBryn Mawr\u201d). Upon the close of the transaction, Bryn Mawr Trust, the wholly owned subsidiary of Bryn Mawr, will merge into WSFS Bank, a wholly owned subsidiary of WSFS. With a \u201cStable Outlook\u201d for WSFS, KBRA said it considers the transaction to be \u201cstrategically sound given that it represents a scale play for both companies, particularly in light of the recent focus on technology investment and integration. The combined organization will have the largest deposit market share within the Philadelphia MSA among community\/regional banks by a reasonably-wide margin with an expanded wealth platform.\u201d<\/p>\n

\u201cKBRA\u2019s affirmation of our debt rating is a validation of our strategy, our track record of successful acquisitions and integrations, and our sustainable high-performing financial results,\u201d said Dominic C. Canuso, WSFS\u2019 Executive Vice President and Chief Financial Officer.<\/p>\n

KBRA\u2019s ratings affirmation includes the senior unsecured debt rating of A-, the subordinated debt rating of BBB+, and the short-term debt rating of K2 for WSFS Financial Corporation; and the senior unsecured debt ratings of A, the subordinated debt rating of A-, and the short-term deposit and debt ratings of K1 for its subsidiary, Wilmington Savings Fund Society, FSB. The Outlook for all long-term ratings is Stable.<\/p>\n

Further, KBRA affirms the senior unsecured debt rating of A-, the subordinated debt rating of BBB+, and the short-term debt rating of K2 for Bryn Mawr, Pennsylvania-based Bryn Mawr Bank Corporation. In addition, KBRA affirms the deposit and senior unsecured debt ratings of A, the subordinated debt rating of A-, and the short-term deposit and debt ratings of K1 for its subsidiary, The Bryn Mawr Trust Company. The Outlook for all long-term ratings is Stable.<\/p>\n

WSFS\u2019 acquisition of Bryn Mawr is expected to close during the fourth quarter of 2021 followed by a conversion and integration.<\/p>\n

\n About WSFS Financial Corporation <\/strong>
\n
WSFS Financial Corporation\u00a0is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the Greater\u00a0Philadelphia\u00a0region. As of\u00a0December 31, 2020,\u00a0WSFS Financial Corporation had\u00a0$14.3 billion\u00a0in assets on its balance sheet and\u00a0$24.2 billion\u00a0in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52),\u00a0Delaware\u00a0(42),\u00a0New Jersey\u00a0(16),\u00a0Virginia\u00a0(1) and\u00a0Nevada\u00a0(1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect\u00ae, Cypress Capital Management, LLC,\u00a0Christiana Trust Company of Delaware\u00ae, NewLane Finance\u00ae, Powdermill\u00ae Financial Solutions,\u00a0West Capital Management\u00ae, WSFS Institutional Services\u00ae, WSFS Mortgage\u00ae, and WSFS Wealth\u00ae Investments. Serving the Greater\u00a0Delaware Valley\u00a0since 1832,\u00a0WSFS Bank is one of the ten oldest banks in\u00a0the United States\u00a0continuously operating under the same name. For more information, please visit\u00a0www.wsfsbank.com<\/a>.<\/p>\n

\n About Bryn Mawr Bank Corporation<\/strong>
\n
Bryn Mawr Bank Corporation (NASDAQ: BMTC), is the holding company for The Bryn Mawr Trust Company which was founded in 1889, and is headquartered in Bryn Mawr, PA. BMT is a locally managed, premier financial services company providing retail and commercial banking; trust administration and wealth management; and insurance and risk management solutions. Bryn Mawr Bank Corporation has $5.4 billion in corporate assets and $19 billion in wealth assets under management, administration, supervision, and brokerage (as of 12\/31\/20). The company operates 41 banking locations, 7 wealth management offices and 2 insurance and risk management locations in the following counties: Montgomery, Chester, Delaware, Philadelphia, and Dauphin Counties in Pennsylvania; New Castle County in Delaware; and Mercer and Camden Counties in New Jersey.<\/p>\n

\n Important Additional Information will be Filed with the SEC<\/strong>
\n
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed acquisition by WSFS of Bryn Mawr. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.<\/p>\n

In connection with the proposed transaction, WSFS will file with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) a Registration Statement on Form S-4 that will include a joint proxy statement of WSFS and Bryn Mawr and a prospectus of WSFS (the \u201cJoint Proxy\/Prospectus\u201d), and each of WSFS and Bryn Mawr may file with the SEC other relevant documents concerning the proposed transaction. The definitive Joint Proxy\/Prospectus will be mailed to stockholders of WSFS and Bryn Mawr. STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY\/PROSPECTUS REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY WSFS AND BRYN MAWR, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT WSFS, BRYN MAWR AND THE PROPOSED TRANSACTION.<\/p>\n

Free copies of the Registration Statement and the Joint Proxy\/Prospectus, as well as other filings containing information about WSFS and Bryn Mawr, may be obtained at the SEC\u2019s website (http:\/\/www.sec.gov) when they are filed. You will also be able to obtain these documents, when they are filed, free of charge, by directing a request to WSFS Financial Corporation, WSFS Bank Center, 500 Delaware Avenue, Wilmington, Delaware 19801 or by directing a request to Bryn Mawr Bank Corporation, 801 Lancaster Avenue, Bryn Mawr, Pennsylvania 19010.<\/p>\n

\n Participants in the Solicitation<\/strong>
\n
WSFS, Bryn Mawr and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WSFS or Bryn Mawr in respect of the proposed transaction. Information about WSFS\u2019 directors and executive officers is available in its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on March 23, 2020, and other documents filed by WSFS with the SEC. Information regarding Bryn Mawr\u2019s directors and executive officers is available in its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on March 6, 2020, and other documents filed by Bryn Mawr with the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Joint Proxy\/Prospectus and other relevant materials to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph.<\/p>\n

\n Forward-Looking Statements <\/strong>
\n
This press release contains estimates, predictions, opinions, projections and other \u201cforward-looking statements\u201d as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements relating to the impact WSFS and Bryn Mawr expect their proposed merger to have on the combined entity\u2019s operations, financial condition, and financial results, and WSFS\u2019 and Bryn Mawr\u2019s expectations about their ability to successfully integrate their respective businesses and the amount of cost savings and overall operational efficiencies WSFS and Bryn Mawr expect to realize as a result of the proposed acquisition. The forward-looking statements also include predications or expectations of future business or financial performance as well as goals and objectives for future operations, financial and business trends, business prospects, and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words \u201cbelieve,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cstrategy,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201capproximately,\u201d \u201ctarget,\u201d \u201cproject,\u201d \u201cpropose,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cshould\u201d and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (many of which are beyond the control of WSFS and Bryn Mawr) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, the possibility that the proposed acquisition does not close when expected or at all because required regulatory, stockholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the delay in or failure to close for any other reason; changes in WSFS\u2019 share price before closing; the outcome of any legal proceedings that may be instituted against WSFS or Bryn Mawr; the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the merger agreement providing for the merger; the risk that the businesses of WSFS and Bryn Mawr will not be integrated successfully; the possibility that the cost savings and any synergies or other anticipated benefits from the proposed acquisition may not be fully realized or may take longer to realize than expected; disruption from the proposed acquisition making it more difficult to maintain relationships with employees, customers or other parties with whom WSFS or Bryn Mawr have business relationships; diversion of management time on merger-related issues; risks relating to the potential dilutive effect of the shares of WSFS common stock to be issued in the proposed transaction; the reaction to the proposed transaction of the companies\u2019 customers, employees and counterparties; uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic on WSFS, Bryn Mawr and the proposed transaction; and other factors, many of which are beyond the control of WSFS and Bryn Mawr. We refer you to the \u201cRisk Factors\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d sections of WSFS\u2019 Annual Report on Form 10-K for the year ended December 31, 2020, Bryn Mawr\u2019s Annual Report on Form 10-K for the year ended December 31, 2020 and any updates to those risk factors set forth in WSFS\u2019 and Bryn Mawr\u2019s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings, which have been filed by WSFS and Bryn Mawr with the SEC and are available on the SEC\u2019s website at www.sec.gov. All forward-looking statements, expressed or implied, included herein are expressly qualified in their entirety by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on WSFS, Bryn Mawr or their respective businesses or operations. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made. Neither WSFS nor Bryn Mawr undertakes any obligation, and specifically declines any obligation, to revise or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as specifically required by law.<\/p>\n

\n Investor Relations Contact:<\/strong> Dominic C. Canuso
(302) 571-6833
dcanuso@wsfsbank.com<\/a>\u00a0<\/p>\n

\n Media Contact:<\/strong> Rebecca Acevedo
(215) 253-5568
racevedo@wsfsbank.com<\/a>\u00a0<\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

WILMINGTON, Del., March 11, 2021 (GLOBE NEWSWIRE) — Kroll Bond Rating Agency (KBRA) affirmed the ratings of WSFS Financial Corporation (NASDAQ: WSFS) (\u201cWSFS\u201d) following the March 10, 2021 announcement to combine with Bryn Mawr Bank Corporation (NASDAQ: BMTC) (\u201cBryn Mawr\u201d). Upon the close of the transaction, Bryn Mawr Trust, the wholly owned subsidiary of Bryn Mawr, will merge into WSFS Bank, a wholly owned subsidiary of WSFS. With a \u201cStable Outlook\u201d for WSFS, KBRA said it considers the transaction to be \u201cstrategically sound given that it represents a scale play for both companies, particularly in light of the recent focus on technology investment and integration. The combined organization will have the largest deposit market share within the Philadelphia MSA among … <\/p>\n

Continue reading “KBRA Affirms Ratings for WSFS Financial Corporation Following its Announcement to Combine with Bryn Mawr Bank Corporation”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-456247","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKBRA Affirms Ratings for WSFS Financial Corporation Following its Announcement to Combine with Bryn Mawr Bank Corporation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBRA Affirms Ratings for WSFS Financial Corporation Following its Announcement to Combine with Bryn Mawr Bank Corporation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"WILMINGTON, Del., March 11, 2021 (GLOBE NEWSWIRE) — Kroll Bond Rating Agency (KBRA) affirmed the ratings of WSFS Financial Corporation (NASDAQ: WSFS) (\u201cWSFS\u201d) following the March 10, 2021 announcement to combine with Bryn Mawr Bank Corporation (NASDAQ: BMTC) (\u201cBryn Mawr\u201d). Upon the close of the transaction, Bryn Mawr Trust, the wholly owned subsidiary of Bryn Mawr, will merge into WSFS Bank, a wholly owned subsidiary of WSFS. With a \u201cStable Outlook\u201d for WSFS, KBRA said it considers the transaction to be \u201cstrategically sound given that it represents a scale play for both companies, particularly in light of the recent focus on technology investment and integration. 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Upon the close of the transaction, Bryn Mawr Trust, the wholly owned subsidiary of Bryn Mawr, will merge into WSFS Bank, a wholly owned subsidiary of WSFS. With a \u201cStable Outlook\u201d for WSFS, KBRA said it considers the transaction to be \u201cstrategically sound given that it represents a scale play for both companies, particularly in light of the recent focus on technology investment and integration. The combined organization will have the largest deposit market share within the Philadelphia MSA among … Continue reading \"KBRA Affirms Ratings for WSFS Financial Corporation Following its Announcement to Combine with Bryn Mawr Bank Corporation\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-11T19:41:09+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4ODc0MCM0MDU5OTk2IzIwMTg5MzE=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"KBRA Affirms Ratings for WSFS Financial Corporation Following its Announcement to Combine with Bryn Mawr Bank Corporation","datePublished":"2021-03-11T19:41:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/"},"wordCount":1875,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODE4ODc0MCM0MDU5OTk2IzIwMTg5MzE=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/kbra-affirms-ratings-for-wsfs-financial-corporation-following-its-announcement-to-combine-with-bryn-mawr-bank-corporation\/","name":"KBRA Affirms Ratings for WSFS Financial Corporation Following its Announcement to Combine with Bryn Mawr Bank Corporation - 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