The Bank of Princeton will acquire five branches in Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville from Beneficial Bank for $2.66 million, the companies announced Monday, subject to regulatory approval and certain other conditions.
One of those conditions is the closing of a merger between Beneficial and WSFS Financial Corp., which is expected to close in the first quarter of 2019. According to a press release, the retail branches included in the sale to The Bank of Princeton were identified by WSFS as outside of the post-merger, combined footprint for the company and Beneficial.
The purchase and assumption agreement provides for the transfer of $190 million in deposits, the land and buildings associated with four out of the five branches, and other assets.
According to The Bank of Princeton, closing is anticipated for the second quarter of this year, at which point the assumed branches will be converted to operate as The Bank of Princeton.
Boenning & Scattergood Inc. acted as financial advisor to WSFS Bank, as successor in interest to Beneficial following the planned merger, while Covington & Burling LLP provided legal counsel. Stevens & Lee PC represented The Bank of Princeton.
Philadelphia-based Beneficial Bank is a wholly-owned subsidiary of Beneficial Bancorp Inc.