WSFS Financial, parent of WSFS Bank, has received the final regulatory approval to merge with Alliance Bank, the wholly owned subsidiary of Pennsylvania-based Alliance Bancorp.
The consent from the Office of the Comptroller of the Currency (OCC) was the final regulatory approval required for WSFS’ acquisition of Alliance Bancorp and Alliance Bank.
The deal has previously received the go-ahead from the shareholders of Alliance Bancorp and the Pennsylvania Department of Banking and Securities.
Delaware-based WSFS Bank manages $5.1bn in assets on its balance sheet and $9.5bn in fiduciary assets, including about $1.2bn in assets under management. WSFS comprises 55 offices in Delaware, Pennsylvania, Virginia and Nevada, and offers retail banking, commercial banking, and trust and wealth management.
Following the completion of the transaction, WSFS Bank will operate with 63 offices including 17 locations in Southeastern Pennsylvania, and will have $5.5bn in assets.
The deal is scheduled to close on 9 October 2015, with the systems conversion of Alliance Bank to WSFS Bank’s systems expected to be completed on 13 October 2015.
WSFS Bank president and CEO Mark Turner said: "We are very pleased to have received the OCC’s approval, which was the final regulatory approval to completing the transaction.
"Our partnership with Alliance Bank furthers many of our strategic goals including expanding our service-oriented, community banking model deeper into Southeastern Pennsylvania.
"WSFS and Alliance Bank share many of the same values, including the passion for serving our Customers and a steadfast commitment to local, community banking."