WSFS Financial Corp. in Wilmington, Del., has announced its purchase of a bank from National Penn Bancshares Inc. in Boyertown, Pa.
The $3.8 billion-asset WSFS said in a press release that its purchase of Christiana Bank and Trust included $161 million in deposits, $112 million in performing loans and $7 billion in trust assets under management or administration. Christiana's two branches are in Delaware, and it has a trust office in Nevada.
The deal with the $9 billion-asset National Penn excluded classified loans, nonperforming loans and other real estate owned at May 31. The companies did not disclose the deal's price.
Zissimos Frangopoulos, the former president and chief executive officer of Christiana Bank joined the WSFS board on Dec. 3.