Willow Grove Bancorp (NASDAQ:WGBC)
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From Jun 2019 to Jun 2024
Headquarters for Willow Grove and First Financial Divisions to
Remain in Maple Glen, PA and Downingtown, PA, Respectively
Willow Grove Bancorp, Inc. (Nasdaq:WGBC) (the "Company") today
announced that its new corporate headquarters for the holding company
will be located in King of Prussia, PA. The Wayne, PA office of the
Company's brokerage and investment firm, Philadelphia Corporation for
Investment Services, will also be relocated to this location. The
company expects to occupy the building during the first calendar
quarter of 2006.
The King of Prussia facility will also become the centralized
operations center for the Company. Operations and servicing employees
at the site will focus primarily on back office and support functions
associated with check processing, accounting and finance, and loan
servicing. The approximate 45,000 square foot facility will house a
total of approximately 150 employees of the Company.
The Willow Grove and First Financial divisions of Willow Grove
Bank will remain headquartered at their current locations in Maple
Glen, PA and Downingtown, PA, respectively.
"This is an exciting step forward as we continue the integration
process and drive Willow Grove Bancorp, Inc. ahead as the community
banking leader in the Philadelphia area," said Donna Coughey,
President & Chief Executive Officer of Willow Grove Bancorp, Inc.
"Situated ideally between the headquarters of our two divisions, this
facility will serve as a bridge between the two franchises and
leverages our operating efficiencies."
The address for the new location will be 170 South Warner Road,
King of Prussia, PA. The move to the new facility is expected to take
place during the first calendar quarter of 2006.
In addition to relocating its corporate headquarters, the Company
has entered into a sale/leaseback transaction with respect to certain
of its owned branch office properties. Taken together, the proposed
new headquarters office and sale/leaseback transactions are expected
to be essentially neutral to the Company's future operating results.
About Willow Grove Bank:
Willow Grove Bancorp, Inc. is the holding company for Willow Grove
Bank, a federally chartered savings bank. Willow Grove Bank was
founded in 1909 and operates 27 branch locations in Bustleton,
Dresher, Hatboro, Holland, Huntingdon Valley, Maple Glen, North Wales,
Rhawnhurst, Roslyn Valley, Somerton, Southampton, Warminster (two),
Willow Grove, Downingtown, Exton, Frazer, Thorndale, Westtown, Airport
Village, Brandywine Square, Devon, Kennett Square, Eagle, Coatesville,
Avondale and West Chester, Pennsylvania.
Additional information is available at: www.willowgrovebank.com.
Forward Looking Statements
The information contained in this press release may contain
forward-looking statements (as defined in the Securities Exchange Act
of 1934 and the regulations thereunder) which are not historical facts
or as to Willow Grove Bancorp, Inc. management's intentions, plans,
beliefs, expectations or opinions. Forward-looking statements may be
identified by the use of words such as "believe", "expect",
"anticipate", "intend", "plan", "estimate", "could", "may", "likely",
"probably" or "possibly". These statements include, but are not
limited to, statements regarding plans, objectives and expectations
with respect to future operations and statements regarding future
performance. Such statements are subject to certain risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of Willow Grove Bancorp and its management, that
could cause actual results to differ materially from those expressed
in, or implied or projected by, the forward-looking information and
statements. Uncertainties regarding the timing and expense related to
the Company's new headquarters office and its branch office
transaction, among other factors, could cause actual results to differ
materially from the anticipated results expressed in the
forward-looking statements. Other factors that may affect the
Company's future operations are discussed in the documents filed by
Willow Grove Bancorp with the Securities and Exchange Commission
("SEC") from time to time. Copies of these documents may be obtained
from Willow Grove Bancorp upon request without charge (except for the
exhibits thereto) or can be accessed at the website maintained by the
SEC at http://www.sec.gov. Willow Grove Bancorp undertakes no
obligation to update these forward-looking statements to reflect
events or circumstances that occur after the date on which such
statements were made.