WSFS - WSFS Financial to acquire Bryn Mawr Bank in $976.4M deal

Bryn Mawr Bank (BMTC) rises 13% after it agrees to merge with WSFS Financial ([[WSFS]] +0.0%) in a transaction valued at ~$976.4M.Terms: WSFS will issue 0.90 WSFS share for each BMTC share; implies a value of $48.55 per BMTC share and a 14% premium based on March 9 closing prices.The combination will solidify WSFS's position in the Philadelphia-Delaware region, creating a bank with $20B in assets and ~$43B wealth management business as of Dec. 31, 2020, the companies said in a statement.WSFS expects consolidating ~30% of the combined banking offices due to geographic overlap and "optimization opportunities" within its network.WSFS expects pretax merger and restructuring costs of ~$127M and to achieve annual cost savings of ~$73M once fully phased in by 2023.Sees deal adding to WSFS EPS in 2022, excluding the one-time merger and restructuring costs, and 13.4% accretive once all synergies are achieved in 2023, generating an internal rate of return

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WSFS Financial to acquire Bryn Mawr Bank in $976.4M deal