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WSFS Completes Conversion of Bryn Mawr Trust into WSFS Bank

March 23, 2022, 07:44 AM
Filed Under: Banking News

WSFS Financial Corporation has completed the brand conversion and systems integration of Bryn Mawr Trust into its primary subsidiary, WSFS Bank.

All Bryn Mawr Trust banking accounts have successfully converted to WSFS Bank accounts. All legacy Bryn Mawr Trust Clients, now WSFS Bank Customers, have full access to WSFS Bank products and services, including 94 Retail banking offices and more than 600 ATMs across the Greater Philadelphia and Delaware region.

WSFS continued its previously announced Retail banking office optimization plan to consolidate 30 percent of the combined WSFS and Bryn Mawr Trust banking locations. WSFS consolidated 34 offices, including 22 Bryn Mawr Trust and 12 WSFS locations as part of the combination due to geographic overlap and opportunities to optimize within the network. Six additional locations will be closed in the future.

“We’re excited to welcome our newest Customers from Bryn Mawr Trust to WSFS,” said Rodger Levenson, Chairman, President and CEO of WSFS. “Our combined 330 years of history serving Customers positions us as the premier, locally headquartered bank and wealth management franchise in the area with distinct market-capturing advantages, including local market knowledge, local decision-making, and a full-service product suite. Our balance sheet, with approximately $20 billion in assets, solidifies our position as the largest locally-headquartered bank in the Greater Philadelphia and Delaware region and our Wealth Management division, with approximately $58 billion in assets under administration and management, is a preeminent wealth management business.”

“When our combination was first announced, we shared that Bryn Mawr Trust would be the prominent brand within our Wealth Management division. We’re excited to introduce the new Bryn Mawr Trust brand, which brings together the equity in the Bryn Mawr Trust name and a distinct connection to WSFS,” adds Levenson.

Legacy Bryn Mawr Trust Wealth Management Clients will continue to be served by the same professionals from Bryn Mawr Trust. The Wealth group’s integration of WSFS and Bryn Mawr Trust will take place throughout 2022.

The successful combination is WSFS’ ninth acquisition since 2010, including traditional banks and other fee-based companies.

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