WSFS Financial (WSFS) in Wilmington, Del., has agreed to buy First Wyoming Financial in Wyoming, Del.
The $4.4 billion-asset WSFS will pay about $64 million, evenly split between cash and stock, for the privately held First Wyoming, the companies said Monday.
WSFS has 51 branches in Delaware, Pennsylvania, Virginia and Nevada. The $308 million-asset First Wyoming has six branches and $250 million in deposits.
"Our partnership furthers many of our strategic goals and meaningfully adds to earnings per share going forward while immediately maintaining tangible common equity," WSFS Chief Executive Mark Turner said in a press release. "As an in-market combination, it significantly enhances our presence in Kent County, where the combined company will have the number two market share in deposits."
Sandler O'Neill advised WSFS, while Gerrish McCreary Smith provided legal advice to First Wyoming. The companies expect to complete the transaction in the third quarter of next year.