WILMINGTON, Del., Aug. 03, 2016 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ:WSFS), has entered into a definitive agreement to purchase the assets of Powdermill Financial Solutions LLC, a multi-family office.
Powdermill Financial Solutions LLC (“Powdermill”), established in 2003, is located in Wilmington, Delaware and serves an affluent clientele in the local community and throughout the United States. The firm specializes in providing unique, independent solutions to high net worth individuals, families and corporate executives through a coordinated, centralized approach. The firm simplifies the complex financial lives of their clients through services which include: estate and business succession planning, bill paying, tax planning and preparation, investment tracking and philanthropy management.
“Powdermill aligns with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses,” said Rodger Levenson, Executive Vice President and Chief Corporate Development Officer. “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.”
“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,” said Stephen Petrucci, Managing Member of Powdermill. “WSFS provides us the depth and support to continue to serve our clients for generations to come.”
Powdermill will be a subsidiary of WSFS Financial Corporation and members of the Powdermill team will become WSFS Associates. The company will continue to operate as Powdermill Financial Solutions.
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 the Delaware Valley. As of June 30, 2016 WSFS Financial Corporation had $5.8 billion in assets on its balance sheet and $13.4 billion in fiduciary assets, including approximately $1.2 billion in assets under management. As of June 30, 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 the seventh oldest bank in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.
