Bank of Princeton Acquires Five WSFS Financial Branches

PRINCETON, NJ—WSFS Financial Corp. of Wilmington, DE as part of previously announced retail branch divestiture plan, has sold five of its retail banking offices in New Jersey to The Bank of Princeton.

The five branch offices in Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville have total deposits of approximately $180 million. The deal for the five branches was originally announced in February.

The five retail banking offices are located at: 335 Farnsworth Avenue in Bordentown, 101 Pemberton Browns Mills Road in Browns Mills, 305 Bordentown-Chesterfield Road in Chesterfield, 1893 Hurffville Road in Sewell and at 483 Berlin-Cross Keys Road in Sicklerville.

“We are pleased to have partnered with Bank of Princeton on this important transaction and believe that the associates and customers at these locations are in very good hands,” says Rodger Levenson, president and CEO of WSFS. “The sale of these five offices marks another significant milestone on our journey to integrate Beneficial Bank into WSFS Bank.”

He adds, “We are executing our integration plans on schedule, and I thank our talented Associates who continue to perform this important work while delivering stellar service to our customers.”

WSFS Financial announced in April it had completed its $1.5-billion merger with Beneficial Bancorp, Inc.

WSFS previously announced a retail banking office optimization plan to consolidate and divest of 30 retail banking offices, or 25%, of the combined WSFS and Beneficial retail network. The plan includes the sale of the five Beneficial retail offices to Bank of Princeton, and the consolidation of 25 WSFS and Beneficial retail locations. Most of the consolidations will be completed during the conversion and rebranding of the remaining Beneficial banking offices in late August 2019. Upon completion of its optimization plan, WSFS Bank will serve customers of the Greater Delaware Valley from 90 retail locations in Delaware, the City of Philadelphia, Southeastern Pennsylvania and Southern New Jersey.

The purchase of the five retail banking branches expands the footprint of the Bank of Princeton into Burlington, Gloucester and Camden counties in New Jersey.

Edward Dietzler, president and CEO of the Bank of Princeton, states, “We are very excited about the branch acquisition and view it as transformational for The Bank of Princeton, allowing for considerable opportunities to grow and improve shareholder value.”

The Bank of Princeton is a community bank founded in 2007. The bank is a New Jersey state-chartered commercial bank with 16 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Hamilton, Lambertville, Lawrenceville, Monroe, Montgomery, New Brunswick, Pennington, and Sicklerville. The bank also operates three branches in the Philadelphia area.