WSFS Financial in Wilmington, Del., is looking to raise $100 million through the sale of notes and plans to use the proceeds for a range of purposes, including possible acquisitions.
The $5.7 billion-asset company said in a news release Thursday that it is offering the 10-year senior notes to investors through June 30. The notes will carry an interest rate of 4.5% for the first five years, payable semi-annually. After June 15, 2021, the rate on the notes will be floating, equal to the three-month Libor, plus 330 basis points. Payments on those notes will be made quarterly.
Sandler O'Neill & Partners is the sole book-running manager for the offering. Keefe, Bruyette & Woods is the co-lead manager and Boenning & Scattergood is co-manager.
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Powered by double-digit gains in both interest and fee income, WSFS Financial in Wilmington, Del., reported a profit of $14.4 million in the fourth quarter, up 9.3% from the fourth quarter of 2014.
January 29 -
Kevin Thompson, who had been selected for the post in November, notified the $6 billion-asset company that he will remain at Zions Bancorp. in Salt Lake City to be near members of his immediate family who were involved an accident shortly after he accepted the WSFS post.
January 27 -
The $5.4 billion-asset WSFS said in a press release Monday that it will pay $101 million, or $21.75 a share, in cash and stock for the $651 million-asset parent of Penn Liberty Bank.
November 23
WSFS said it plans to use the proceeds from the sale for general corporate purposes, such as financing organic growth, repurchasing common stock, redeeming outstanding debt and making acquisitions.
The company has acquired two banks in the last two years and is in the midst of acquiring a third. It bought First National Bank of Wyoming in Delaware in September 2014 and in October 2015 it acquired Greater Delaware Valley Savings in Broomall, Pa. Its deal for the $651 million-asset Penn Liberty Financial in Wayne, Pa., announced in November, is expected to close early in the third quarter.
