WSFS + BMT

Our clients need and want to be served by an independent community-focused bank that has the size and scale to compete with the big players in our market. Our combined company will allow us to be that bank yet remain a financial institution with deep relationships and roots that we believe is the preeminent, locally headquartered bank in the Greater Philadelphia and Delaware region with a premier wealth management and trust business.

WSFS was founded in 1832 and has $14.3 billion in banking assets and $24.2 billion in wealth assets under management, administration, supervision, and brokerage at 12/31/21.

Like BMT, WSFS provides a comprehensive range of financial services including commercial banking, retail banking, capital markets, leasing, and trust and wealth management. WSFS is a service-oriented, locally managed community banking institution serving Philadelphia and the Delaware region’s families and businesses of all sizes.

WSFS Bank is the oldest and the largest bank and trust company headquartered in the Greater Philadelphia and Delaware region, and is one of the ten oldest banks in the United States continuously operating under the same name.  WSFS (Wilmington Savings Fund Society) was chartered as a Delaware thrift in 1832 by a group of Wilmington community leaders and businessmen. The bank was formed for the working citizens of Wilmington to encourage thrift and to safeguard and increase their savings in a community bank.

Like BMT, WSFS strives to meet Customers’ ever-changing financial services needs and works every day to exceed Customer’s expectations. WSFS believes in community and serves to strengthen all their relationships with Customers, communities, employees (which they refer to as Associates) and shareholders.

WFSF – comes from the original name Wilmington Savings Funds Society and is often called by its letters “W”, “S’, “F’, “S: and is pronounced “Wiss Fiss”.

WSFS also is an acronym for “We Stand for Service” a mantra all employees live by, as service is at their core. WSFS, like BMT, has a rich history of providing financial services in our region.

WSFS operates 89 retail banking locations in the greater Philadelphia region and state of Delaware.  For more information, visit the WSFS website at www.wsfsbank.com.

We do not have what will ultimately be the final retail branch banking office count. 

The BMT and WSFS service footprints overlap in several markets, particularly as it relates to branch locations. . We anticipate consolidating approximately 30% of the combined physical banking offices due to geographic overlap and opportunities to optimize within the network. We will take the next few months to analyze and evaluate the footprint of our combined Company to identify consolidation opportunities. Our goal is to effectively service and support our customers and communities.

Our banks share many of the same markets. We anticipate consolidating approximately 30% of the combined physical banking offices due to geographic overlap and opportunities to optimize within the network. We are in the process of evaluating the entire footprint of our combined Company to identify consolidations. As always, we will communicate forthrightly and frequently, so everyone is informed and kept up to date. Our banks share many of the same markets. We anticipate consolidating approximately 30% of the combined physical banking offices due to geographic overlap and opportunities to optimize within the network. We are in the process of evaluating the entire footprint of our combined Company to identify consolidations. As always, we will communicate forthrightly and frequently, so everyone is informed and kept up to date.

Yes and No, effective with the completion of computer systems conversion (date to be determined) the BMT Bank branches will be changed from BMT Bryn Mawr Trust to WSFS Bank. 

The wealth management group, BMT Wealth Management will continue to operate under the BMT Brand as BMT Wealth Management.

No, not until system conversion. Which the exact date is still to be determined.

Our CEO, Frank Leto, will join the Board of WSFS and WSFS looks forward to working with the rest of the current Executive Management Team through the integration of our two companies. The strength and expertise of our leadership team was a key driver of the partnership, and a primary reason WSFS looked to us to continue its growth and strengthen key segments.

The projected closing of the combination of our two organizations is planned for early in the fourth quarter of this year.  We are working together for a smooth integration.  We will keep you informed of our progress and ask for your patience and assistance while we are working to ensure a smooth transition.

BMT Wealth Management will continue to operate and does not have a planned systems conversion date at this time.

No, it will be business as usual for our BMT Customers in Banking, Wealth Management and Insurance.

We are here to serve and support you!

This combination further strengthens our overall wealth capabilities, including wealth, estate and tax planning, investment solutions, family office services, personal trusts, insurance and corporate trust services. We will have the scale to offer you a variety of services and solutions to meet your evolving needs, and the local know-how of local decision-makers, providing the resources to serve you and our communities.

WSFS and BMT Wealth will continue to operation as business as usual into 2022. Jennifer Dempsey Fox will remain as President of BMT Wealth Management.  The two wealth groups will be collaborating to find best practices to bring our wealth clients the support of a combined $43 billion in asset under management wealth organization.

Your account will continue to be handled by your current account manager/lender/relationship manager. If you have questions about your account, please call your account manager/lender/relationship manager. If it is necessary to change a relationship manager, the new relationship manager will contact you to discuss your banking and lending relationship.  Please remember our objective is to provide you with the highest level of support and communication.

There are no changes to your insurance policies. Continue to work with your insurance support team for Certificates of Insurance for business needs and changes in coverage or new policies.  It is business as usual.   Please reach out to your BMT Insurance Advisor with additional questions.

Yes, we believe is a very good thing for our customers, for our Company, for WSFS, and for the communities we serve. Together we will be adding additional markets to our footprint with more resources to serve our Customers and our communities. By combining our strengths with those of WSFS, we are significantly solidifying our position as the preeminent, locally headquartered bank in the Greater Philadelphia, Delaware region, and support our New Jersey and Hershey Harrisburg markets. This is good news for Customers who will have access to more branches, ATMs and we will continue to have community-focused banking and with local market knowledge and local decision making. Our wealth and insurance continue to support Clients in markets across the United States with even more support!

FDIC insurance will not be affected until the banks legally merge.  Once the banks merge, if customers have deposits at both banks, the deposits at each bank are fully insured up to the maximum of $250,000 each for at least six months after the merger. This grace period gives a depositor the opportunity to restructure their accounts, if necessary. BMT CDs are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount continue to be separately insured until the first maturity date after the six-month period. Customers can visit the FDIC website www.fdic.gov or call 877-Ask-FDIC if they have more detailed questions about FDIC Insurance.

Yes, you should continue to use your BMT Checks to access your account(s) at BMT.

Yes, you should continue to use your BMT Debit Card to access your account(s) at BMT.

Yes, please continue to make your loan payments to BMT as you are currently doing now. 

You should continue to use your BMT online and mobile access. There are no changes to how Customer access their account(s) online at BMT.

No, there are no changes to the current Branch Banking hours. To view hours and location, please visit  bmt.com/locations.

You may use any Bank’s ATM, but as a reminder, the two systems (BMT and WSFS) are still separate and would be considered as a foreign Non- BMT ATM transaction until systems conversion. Customers will not have access to their BMT accounts at WSFS locations until after the integration of systems is complete, the timing of which is to be determined.