WSFS Financial has agreed to acquire the assets of Delaware-based multi-family office Powdermill Financial Solutions for an undisclosed sum.
Set up in 2003, Powdermill serves high net worth individuals, families and corporate executives by offering a range of services such as estate and business succession planning, bill paying, tax planning and preparation, investment tracking and philanthropy management.
Following the acquisition, Powdermill will become a subsidiary of WSFS Financial but will continue to operate as Powdermill Financial Solutions.
Members of Powdermill team will become WSFS Associates.
WSFS Financial executive vice president and chief corporate development officer Rodger Levenson said: “Powdermill aligns with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses.
“The Powdermill team shares WSFS’ passion for service and commitment to delivering custom solutions for our clients’ needs, and to do so with the care and attention to detail, not found at larger institutions. From a financial perspective, this all-cash transaction is consistent with our previous guidance on fee-based acquisitions and will be immediately accretive to EPS and ROA.”
Powdermill managing member Stephen Petrucci added: “Partnering with WSFS, the oldest and largest community bank and trust company headquartered in the Delaware Valley felt natural to us, as we have been working with their private banking and mortgage groups for many years. WSFS provides us the depth and support to continue to serve our clients for generations to come.”