Beneficial Bancorp, Inc. Stockholders Approve Merger with WSFS Financial Corporation
06 Dicembre 2018 - 9:00PM
Beneficial Bancorp, Inc. (Nasdaq: BNCL) (“Beneficial”) announced
today that its stockholders approved the previously announced
merger of Beneficial with and into WSFS Financial Corporation
(Nasdaq: WSFS) (“WSFS”) at a special meeting of stockholders held
today. Subject to the receipt of all required regulatory
approvals and the satisfaction of customary closing conditions, the
parties expect to close the merger in the first quarter of 2019.
About Beneficial Bancorp Inc.
Beneficial is a community-based, diversified
financial services company providing consumer and commercial
banking services. Its principal subsidiary, Beneficial Bank, has
served individuals and businesses in the Delaware Valley area since
1853. As of September 30, 2018, Beneficial Bancorp has $5.87
billion in assets on its balance sheet. Beneficial Bank is the
oldest and largest bank headquartered in Philadelphia,
Pennsylvania, with 61 banking offices in the greater Philadelphia
and South New Jersey regions. Equipment leasing services are
offered through Beneficial Equipment Leasing Corporation, which is
a wholly owned subsidiary of the Bank, and Neumann Finance Company,
which is a majority owned subsidiary of the Bank. For more
information about Beneficial and Beneficial Bank, please visit
www.thebeneficial.com.
Forward Looking Statements
This press release contains estimates,
predictions, opinions, projections and other “forward-looking
statements” as that phrase is defined in the Private Securities
Litigation Reform Act of 1995. The forward-looking statements
include, without limitation, predications or expectations of future
business or financial performance as well as goals and objectives
for future operations, financial and business trends, business
prospects, and management’s outlook or expectations for earnings,
revenues, expenses, capital levels, liquidity levels, asset quality
or other future financial or business performance, strategies or
expectations. The words “believe,” “expect,” “anticipate,” “plan,”
“estimate,” “target,” “project” and similar expressions, among
others, generally identify forward-looking statements. Such
forward-looking statements are based on various assumptions (many
of which are beyond the control of Beneficial) and are subject to
risks and uncertainties (which change over time) and other factors
which could cause actual results to differ materially from those
currently anticipated. Such risks and uncertainties include, but
are not limited to, the possibility that the proposed acquisition
does not close when expected or at all because required regulatory,
stockholder or other approvals and other conditions to closing are
not received or satisfied on a timely basis or at all, the failure
to close for any other reason, changes in WSFS’ share price before
closing, that the businesses of WSFS and Beneficial will not be
integrated successfully, that the cost savings and any synergies
from the proposed acquisition may not be fully realized or may take
longer to realize than expected, disruption from the proposed
acquisition making it more difficult to maintain relationships with
employees, customers or other parties with whom Beneficial has
business relationships, diversion of management time on
merger-related issues, the outcome of any legal proceedings that
may be instituted against Beneficial related to the merger
agreement or the proposed merger, the reaction to the transaction
of Beneficial’s customers, employees and counterparties and other
factors, many of which are beyond the control of Beneficial. We
refer you to the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of the Annual Report on Form 10-K filed by Beneficial for the year
ended December 31, 2017 and any updates to those risk factors set
forth in Beneficial’s Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other filings, which have been filed by
Beneficial with the SEC and are available on the SEC’s website at
www.sec.gov. All forward-looking statements, expressed or implied,
included in this press release are expressly qualified in their
entirety by the cautionary statements contained or referred to
herein. The actual results or developments anticipated may not be
realized or, even if substantially realized, they may not have the
expected consequences to or effects on WSFS, Beneficial or their
respective businesses or operations. We caution readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date on which they are made. Beneficial does
not undertake any obligation, and specifically declines any
obligation, to revise or update any forward-looking statements,
whether as a result of new information, future developments or
otherwise.
For further information, contact:
Thomas D. CestareExecutive Vice President and Chief Financial
OfficerPhone: (215) 864-6009
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