We are pleased to announce that on March 10, 2021. Bryn Mawr Bank Corporation has agreed to combine with WSFS Financial to create the preeminent, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.
This combination will bring our mutual service-focused perspective to even more Customers and Clients; it will provide you with more locations and access to one of the largest ATM networks in the region.
Our combination with WSFS will result in a premier wealth management and trust business, with Bryn Mawr Trust as the prominent brand in our combined wealth division. Together, we will strengthen our efforts as we serve our neighbors and friends across the Greater Philadelphia and Delaware region.
We are committed to keeping you informed of our progress as we plan for our combined future and we are excited about the power of this historic partnership. Please check back regularly for up to date information.
Frequently Asked Questions
About Our Historic Partnership with WSFS Bank
Why is BMT merging with WSFS?
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.
Who is WSFS Financial?
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.
What does WSFS stand for?
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.
How many branches does WSFS HAVE and where are they located?
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.
How many Retail Branch offices will there be when the acquisition and conversion is completed?
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.
What happens to the branch locations?
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.
What will happen to The Bryn Mawr Trust/BMT name – will the name be changing?
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.
Will BMT’s Banking name and signs change right away?
No, not until system conversion. Which the exact date is still to be determined.
Is the management team staying on?
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.
What is the timing for the Systems integration of BMT?
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.
Will customers need to do anything different now?
No, it will be business as usual for our BMT Customers in Banking, Wealth Management and Insurance.
- Banking Customers should continue to use BMT branches, the Customer Care Center, checks, debit cards, Online and Mobile Banking. You should continue to call your BMT Advisors, Relationship Managers and support team like you always have.
- BMT Wealth Management Clients should continue to contact their Advisors, Relationship Managers and Wealth support team.
- BMT Insurance Advisors (BMTIA) Clients should continue to work with your insurance support team for Certificates of Insurance, and for business and personal insurance needs. This includes changes in coverage and new policies. It is business as usual. Please reach out to your BMT Insurance Advisor with additional questions.
We are here to serve and support you!
How will this change your wealth offerings?
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.
How will BMT Wealth be Integrated into WSFS’s wealth management services?
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.
Will we have the same lender or will there be a change in lenders – do I call the same people about my loan?
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.
What happens with my insurance policies with BMT Insurance Advisors (BMTIA)?
Is this good for me as a banking client, wealth management or insurance customers?
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!
How does this merger impact FDIC insurance?
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.
May I still use my BMT checks?
May I still use my BMT debit card?
Do I still make loan payments the same way as I did before or do they have to go to WSFS?
Will there be any changes to how I access my accounts online?
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.
Will branch hours be changing?
Can I use WSFS Branches and ATMs Now?
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.