WSFS Financial in Wilmington, Del., has agreed to buy the assets of Powdermill Financial Solutions in Wilmington.
The $5.8 billion-asset WSFS said in a press release Wednesday that Powdermill, a firm formed in 2003 to serve affluent clients, will keep its name after the deal closes. WSFS did not disclose the price of the cash acquisition.
"Powdermill aligns with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses," Rodger Levenson, chief corporate development officer at WSFS, said in the release. "From a financial perspective, this … transaction is consistent with our previous guidance on fee-based acquisitions and will be immediately accretive to EPS and ROA."