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Stock Market & Financial Investment News

News Breaks
April 29, 2014
05:29 EDTWSFSWSFS Financial upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette upgraded WSFS Financial to Outperform with an $80 price target citing valuation following the company's Q1 results. The firm expects better results in Q2.
News For WSFS From The Last 14 Days
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March 3, 2015
08:06 EDTWSFSWSFS Financial, Alliance Bancorp enter into plan of merger
WSFS Financial (WSFS) and Alliance Bancorp of Pennsylvania (ALLB) jointly announced the signing of a definitive agreement and plan of merger whereby WSFS Financial Corporation will acquire Alliance Bancorp of Pennsylvania. Upon the closing of the transaction, Alliance Bank, the wholly owned bank subsidiary of Alliance Bancorp of Pennsylvania will merge into WSFS Financial Corporation's wholly owned bank subsidiary, WSFS Bank. Headquartered in Broomall, Pennsylvania, Alliance Bank opened in 1938 as an independent, locally-managed institution dedicated to providing the highest quality community banking services predominantly to Delaware County and neighboring Chester County residents. Alliance Bank reported approximately $421M in assets, $310M in loans and $345M in deposits as of December 31, 2014 and serves its customers from eight branch locations. Following the merger, WSFS will have 17 locations in southeastern Pennsylvania, including 11 in Delaware County. The transaction is valued at approximately $92M. Under the terms of the agreement, which has been approved by the boards of both companies, shareholders of Alliance Bancorp of Pennsylvania will be entitled to elect to receive either 0.28955 shares of WSFS common stock or $22.00 in cash for each common share of Alliance Bancorp of Pennsylvania, subject to an overall allocation of exchanged shares into 70% common stock and 30% cash. The closing is anticipated to occur during 4Q15, subject to approval by Alliance Bancorp of Pennsylvania shareholders, regulatory approvals and other customary closing conditions. WSFS expects to incur pre-tax merger and integration costs of approximately $9.3 million and to achieve cost savings of approximately 40% of Alliance Bancorp, Inc. of Pennsylvania's non-interest expenses. The acquisition is expected to be accretive to WSFS earnings per share in the first year of combined operations, excluding one-time costs. The transaction has an anticipated IRR of 17%. WSFS expects initial tangible book value dilution of less than 2% from the transaction which is estimated to be earned back in under 5 years.
February 19, 2015
17:12 EDTWSFSSeacoast Banking to appoint WSFS Financial's CFO Stephen Fowle as CFO
Seacoast Banking (SBCF) appointed Stephen A. Fowle as CFO for Seacoast and the Bank. Fowle will join Seacoast in April. William Hahl, Seacoast's current CFO, intends to retire and has agreed to continue to serve as Executive VP during a transition period, providing assistance as needed. Fowle is currently CFO of WSFS Financial (WSFS) since 2005.
16:53 EDTWSFSWSFS Financial CFO Steve Fowle to become Seacoast Banking CFO
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