WILMINGTON, Del., June 13, 2016 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, today announced that it has closed the underwritten public offering of $100 million aggregate principal amount of 4.50% Fixed-to-Floating Rate Senior Notes due 2026, which was priced and announced on June 8, 2016.
The Notes will bear a fixed interest rate of 4.50% per year from, and including, June 13, 2016 to, but excluding, June 15, 2021, payable semi-annually in arrears. From, and including, June 15, 2021 to, but excluding, the maturity date or any early redemption date, the interest rate shall be a floating rate equal to three-month LIBOR determined on the determination date of the applicable interest period plus 330 basis points, payable quarterly in arrears. The Notes were offered to the public at 100% of their face amount.
In anticipation of the senior note offering, WSFS recently obtained ratings from Kroll Bond Rating Agency (“KBRA”). KBRA assigned a senior unsecured debt rating of A- and subordinated debt rating of BBB+ to WSFS.
“We are pleased with our recent Kroll rating and the strong market reaction to our offering which demonstrates confidence in our ability to successfully execute our strategic plan,” said Rodger Levenson, Executive Vice President and Chief Corporate Development Officer. “We expect to use proceeds for general corporate purposes including financing organic growth and acquisitions with a particular focus on growing fee-based income, repurchases of common stock and paying off outstanding debt.”
Sandler O’Neill + Partners, L.P. acted as sole book-running manager for the Notes offering and Keefe, Bruyette & Woods, A Stifel Company, acted as co-lead manager. Boenning & Scattergood, Inc. acted as co-manager in the Notes offering.
The Notes were offered pursuant to an effective registration statement (File No. 333-211911) by means of a prospectus supplement filed with the Securities and Exchange Commission (the “SEC”).
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The Notes are not deposits or savings accounts or other obligations of our bank or non-bank subsidiaries and will not be insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.
About WSFS Financial Corporation
WSFS Financial Corporation is 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 Delaware Valley. As of March 31, 2016 WSFS Financial Corporation had $5.7 billion in assets on its balance sheet and $13.2 billion in fiduciary assets, including approximately $1.2 billion in assets under management. As of March 31, 2016, WSFS operates from 63 offices located in Delaware (44), Pennsylvania (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Wealth Investments, Cypress Capital Management, LLC, Cash Connect®, WSFS Mortgage and Arrow Land Transfer. Serving the Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.
