M&A Deal Summary

WSFS Financial Acquires Beneficial Bancorp

On February 13, 2019, WSFS Financial acquired financial services company Beneficial Bancorp from Patriot Financial Partners

Acquisition Highlights
  • This is WSFS Financial’s 6th transaction in the Financial Services sector.
  • This is WSFS Financial’s 6th transaction in the United States.
  • This is WSFS Financial’s 3rd transaction in Pennsylvania.

M&A Deal Summary
Date 2019-02-13
Target Beneficial Bancorp
Sector Financial Services
Buyer(s) WSFS Financial
Sellers(s) Patriot Financial Partners
Deal Type Merger

Target

Beneficial Bancorp

Philadelphia, Pennsylvania, United States
Beneficial Bancorp, Inc. ("Beneficial" or the "Company") is a mutual holding company and the wholly owned subsidiary of Beneficial Bank, a $4.43 billion Pennsylvania chartered savings bank originally founded in 1853. The Company operates 35 full-service banking offices in Chester, Delaware, Montgomery, Philadelphia, and Bucks Counties, Pennsylvania and 25 full-service banking offices in Burlington, Gloucester and Camden Counties, New Jersey. The Company is number nine in terms of deposit market share in the Philadelphia MSA and is number one among banks headquartered in the Philadelphia area.

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Buyer(S) 1

Buyer

WSFS Financial

Wilmington, Delaware, United States
Category Company
Founded 1832
Sector Financial Services
Employees2,241
Revenue 1.0B USD (2023)
DESCRIPTION

WSFS Financial is a financial services company. Its primary subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank), operates 42 banking offices located in Delaware (35), Pennsylvania (5), Virginia (1) and Nevada (1). WSFS Bank provides comprehensive financial services including commercial banking, retail banking and trust and wealth management through its Christiana Trust division. WSFS Financial was founded in 1832 and is based in Wilmington, Delaware.

DEAL STATS #
Overall 6 of 7
Sector (Financial Services) 6 of 7
Type (Merger) 1 of 1
State (Pennsylvania) 3 of 4
Country (United States) 6 of 7
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-05 Penn Liberty Financial

Wayne, Pennsylvania, United States

Penn Liberty is a bank holding company for Penn Liberty Bank had approximately $638 million in deposits and $720 million in total assets, which includes $504 million in commercial, small business and consumer loans.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-30 Wsfs Financial - Five Bank Branches

United States

Wsfs Financial Corp. - Five Bank Branches is a financial services company located in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville.

Sell -

Seller(S) 1

SELLER

Patriot Financial Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Patriot Financial Partners is a private equity firm focused on acquiring and investing in community based banks, thrifts, and other related financial services companies throughout the US. Patriot is a hands-on investor and seeks businesses with assets between $500 million and $5 billion. Patriot Financial Partners was established in 2007 and is headquartered in Radnor, Pennsylvania.

DEAL STATS #
Overall 11 of 14
Sector (Financial Services) 11 of 14
Type (Merger) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 11 of 14
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-10 MBT Financial

Monroe, Michigan, United States

MBT Financial is an independently-owned community bank that offers a complete range of services to commercial and retail clients. MBT Financial was founded in 1858 and is based in Monroe, Michigan.

Sell $291M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-19 Bannockburn Global Forex

Cincinnati, Ohio, United States

Bannockburn Global Forex LLC is a provider of currency trading services headquartered in Cincinnati, Ohio with regional sales offices located in New York, Kansas City, Chicago, Richmond, and Santa Monica. The company specializes in foreign exchange hedging and settlement transactions as well as currency-related advisory services for corporate and institutional clients.

Sell -
Mergr

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