The Bank of Princeton has signed a purchase and assumption agreement to acquire five retail banking branches of Beneficial Bank in New Jersey, US.
The acquisition will see the transfer of nearly $190m of deposits to Bank of Princeton.
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Beneficial Bank branch acquisition
The sale of the bank branches is in part of the proposed combination of Beneficial Bancorp, the parent company of Beneficial Bank, and WSFS Financial.
As a part of the combination, WSFS previously announced the consolidation of retail banking offices of the two banks.
The five branches to be sold in this transaction were identified to be outside of the combined bank’s footprint, and hence, to be divested.
The branch consolidation is estimated to generate significant cost savings for the company. WSFS will invest 50% (around $32m) of the amount into a five-year transformational investment in technology and delivery systems.
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By GlobalDataThe five New Jersey offices, to be acquired by Bank of Princeton, are Bordentown branch, Browns Mills branch, Chesterfield branch, Deptford branch and Sicklerville branch.
The acquisition is subject to regulatory approvals and other closing conditions, including the completion of WSFS’ acquisition of Beneficial.
The Bank of Princeton expects to close on the acquisition in the second quarter of next year. Once completed, the branches will be converted to operate under its brand name.
