Covington Represents WSFS Financial in $976 Million Merger
March 10, 2021
WASHINGTON—Covington advised WSFS Financial Corporation in its definitive merger agreement with Bryn Mawr Bank, a transaction valued at approximately $976 million. Following the merger, WSFS believes it will have nearly $20 billion in assets and an approximately $43 billion wealth management business.
Under the terms of the agreement, stockholders of Bryn Mawr will receive 0.90 of a share of WSFS common stock for each share of Bryn Mawr common stock. The per share value equates to an implied value of $48.55 for Bryn Mawr stockholders based on the closing price of WSFS stock on March 9, 2021.
WSFS 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 Greater Philadelphia region. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1), and provides comprehensive financial services including commercial banking, retail banking, cash management, and trust and wealth management.
The Covington team included Rusty Conner, Christopher DeCresce, Charlotte May, Susie Toumanian, T’Shae Sherman, and Christopher Yen (corporate - mergers & acquisitions), Bruce Bennett and Brianna Bloodgood (corporate - securities), Jeff Tsai (technology transactions), Jenna Wallace and Jack Lund (employee benefits), Randy Benjenk and Hensey Fenton (bank regulatory), Kurt Baca and Jon Endean (tax), Thomas Brugato (environmental), and Mark Gimbel and Teresa Lewi (litigation).
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