WSFS Financial Corp. (WSFS) in Wilmington, Del., has agreed to buy the mortgage banking company Array Financial Group in Haverford, Pa.
The $4.4 billion-asset company will also acquire the affiliated Arrow Land Transfer Company, an abstract and title company, also in Haverford, it announced Monday. WSFS has agreed to acquire the businesses in an asset-purchase agreement, the terms of which were not disclosed, which it expects to close by July 31.
Array Financial Group specializes in residential mortgages and refinancing, and originated $150 million in mortgages last year, according to the news release. Under the agreement, Array and Arrow would continue to operate under their current names.
"Mortgage financing is a core community banking product and needed to help families and communities grow and prosper," said Mark Turner, WSFS' president and chief executive, in the news release. "Now is an opportune time, as we see steady signs of the local economy improving, to expand WSFS' mortgage banking business, especially in the southeastern Pennsylvania market, which has very favorable demographics and where we are enhancing our presence."