WSFS Financial Corp. said it plans to offer approximately $40 million in stock, increasing shares outstanding by about 15%, with plans to use proceeds for organic growth and acquisitions.
The parent of Wilmington Savings Fund Society has seen results improve of late, disposing of assets and seeing lower provisions for loan losses. It agreed in June to acquire National Penn Bancshares Inc.'s Christiana Bank & Trust Co. business for about $34.5 million.
The company may also use proceeds of the stock sale to finance the Christiana acquisition and to buy back securities issued to it by the U.S. Department of Treasury under the Capital Purchase Program. WSFS was initially given $53 million in aid.
Shares closed Friday at $38 and were inactive premarket. The stock is up 48% this year.