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++BREAKING NEWS++
WSFS Financial Corporation (Nasdaq:WSFS), the holding company for WSFS Bank, today announced that its Board of Directors declared a three-for-one split in WSFS Financial Corporation common stock (WSFS Stock) in the form of a stock dividend of two shares of WSFS Stock for each issued and outstanding share of WSFS Stock.
The Board of Directors decided to effect the stock split after careful consideration and the conclusion that the benefits of broader ownership potential outweighed the costs of a split, which are not significant.
The stock dividend is payable to stockholders of record as of May 4, 2015, but is subject to stockholder approval of an increase in the authorized shares of WSFS common stock at the 2015 WSFS Financial Corporation Annual Meeting. As a result of the stock split, the total number of shares of common stock outstanding will increase from approximately 9.4 million to approximately 28.2 million. The additional shares of WSFS Stock are expected to be distributed on or about May 18, 2015 by WSFS Financial Corporation’s transfer agent.
In a statement the company said:
“WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the largest and oldest bank and trust company headquartered in the Delaware Valley with $4.9 billion in assets on its balance sheet and $9.4 billion in fiduciary assets, including over $1 billion in assets under management. WSFS operates from 55 offices located in Delaware (45), Pennsylvania (8), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC, Cash Connect, Array Financial and Arrow Land Transfer. Serving the Delaware Valley since 1832, WSFS is the seventh oldest bank in the United States continuously operating under the same name.”
