WSFS Receives Regulatory Approval to Purchase Sun National Branches in Delaware
WILMINGTON, Del., Oct. 20, 2008 (GLOBE NEWSWIRE) -- WSFS Bank, a subsidiary of WSFS Financial Corporation (Nasdaq:WSFS), announced today that it has received regulatory approval from the Office of Thrift Supervision (OTS) to purchase the six Delaware branches of Sun National Bank, the primary subsidiary of Vineland, NJ-based Sun Bancorp, Inc. (Nasdaq:SNBC).
The transaction is expected to close on October 24, 2008; conversion of Sun National deposit accounts to WSFS will be completed by October 27, 2008.
About WSFS Financial Corporation
WSFS Financial Corporation is a $3.2 billion financial services company. Its primary subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank), operates 31 retail banking offices located in Delaware and Pennsylvania, as well as three loan production offices in Dover, Delaware; Blue Bell, Pennsylvania and Annandale, Virginia. WSFS Bank provides comprehensive financial services including personal trust and wealth management. Other subsidiaries include WSFS Investment Group, Inc., Montchanin Capital Management, Inc. and 1st Reverse Financial Services, LLC. Founded in 1832, WSFS is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit the Bank's website at www.wsfsbank.com.
Stephanie A. Arnold