Update: Limerick Branch to Close Once Banks Merge
LIMERICK PA – The Limerick branch office of Bryn Mawr Trust bank, located at 33 W. Ridge Pike Ste. 501 in the Limerick Shopping Center, will be one of 34 banking locations to be closed when WSFS Financial Corp. completes its proposed purchase of Bryn Mawr, the Philadelphia Business Journal reported Wednesday (April 27, 2021), based on regulatory filings.
The $976 million deal was announced last month and likely will close in the fourth quarter of this year, according to the article by Journal reporter Jeff Blumenthal. WSFS executives said the closings – 22 of 41 Bryn Mawr branches, and 12 of 89 WSFS sites – generally were due to “their close proximity to another location.” The changes would reduce the merged banks’ footprint from 130 offices to 96.
The Limerick office is one of nine affected branches in Montgomery County, Blumenthal wrote. WSFS also said it intended to close six more locations within the next two years.
Read an earlier story (below), published March 10 (2021) by The Post, in which the banks’ proposed merger was announced.
Dec. 2019 photo from Google Picasa
WSFS Bank Agrees to Buy Bryn Mawr Bank Corp.
WILMINGTON DE – Delaware-based WSFS Financial Corp., which operates a branch office in Oaks, has agreed to buy long-time Main Line banker Bryn Mawr Bank Corp., which operates in Limerick and Phoenixville, in a $976.4 million merger, the Philadelphia Business Journal said Wednesday (March 10, 2021).
Staff reporter Jeff Blumenthal wrote the deal brings “together two of the region’s oldest and most storied banks.”
It also expands WSFS’ presence in southeastern Pennsylvania. Due to a 2019 purchase of Beneficial Bancorp, at a cost of $1.2 billion, WSFS remains the largest bank based in the Philadelphia region. WSFS said it expects the deal to close early in the fourth quarter, Blumenthal wrote, giving it nearly $20 billion in assets and $43 billion in assets under management as of Dec. 31.