The Bank of Princeton has completed the acquisition of five Beneficial Bank branches in New Jersey.
The acquisition adds around $180m in deposits to Bank of Princeton portfolio and increases the number of branches to 19. Bank of Princeton signed the agreement to acquire the branches in February this year.
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The five branches under the transaction are located in Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville.
Bank of Princeton president and CEO Edward Dietzler said: “We are very excited about the branch acquisition and view it as transformational for The Bank of Princeton, allowing for considerable opportunities to grow and improve shareholder value.”
The sale branches is part of the proposed merger of Beneficial Bancorp, the parent company of Beneficial Bank, with WSFS Financial.
Earlier, WSFS announced plan to optimise of the combined bank’s retail banking operations. The plan included the sale of these five locations to Bank of Princeton, and the consolidation of 25 WSFS and Beneficial retail branches.
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By GlobalDataThe consolidation of the branches is expected to be completed during the rebranding of the Beneficial locations in August this year.
WSFS president and CEO Rodger Levenson said: “The sale of these five offices marks another significant milestone on our journey to integrate Beneficial Bank into WSFS Bank.
“We are executing our integration plans on schedule, and I thank our talented Associates who continue to perform this important work while delivering stellar service to our Customers.”
