WILMINGTON, Del. - WSFS Financial Corp. will sell four branches of its Philadelphia subsidiary to $1.2 billion-asset Commonwealth Savings Bank of Valley Forge, Pa., for an undisclosed price.

The branches of Fidelity Federal Savings and Loan Association have about $182 million of deposits.

Commonwealth will assume the deposits in exchange for certain branch assets, loans, and cash. Wilmington-based WSFS expects to report a gain of $8 million to $9 million on the sale.

The deal, which is subject to regulatory approval, is expected to be completed in the third quarter of 1995.

WSFS, which recently bought a former Delaware Savings Bank branch in Middletown, Del., is the $1.2 billion-asset holding company of Fidelity Federal and Wilmington Savings Fund Society, with 13 branches in New Castle County, Del.

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