WSFS Financial receives approval from OCC to buy FNB of Wyoming

theflyonthewall.com

WSFS Financial, the parent company of WSFS Bank, announced The Office of the Comptroller of the Currency, or OCC, has approved WSFS Bank's application to merge with The First National Bank of Wyoming. The OCC's approval was the final regulatory approval required for WSFS to acquire FNB of Wyoming's parent company, First Wyoming Financial Corporation. The approval from the OCC follows approvals by the Federal Reserve and First Wyoming Financial Corporation shareholders. The transaction is expected to be meaningfully accretive to WSFS earnings per share in the first year of operations, after transaction and integration costs. WSFS expects little to no tangible book value dilution from the transaction. The acquisition is expected to be completed on September 5 and the conversion of FNB of Wyoming to WSFS Bank is expected to occur by September 8.

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