The Bank of Princeton has successfully completed the acquisition of five WSFS Bank branches in New Jersey, including Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville locations.
“We are very excited about the branch acquisition and view it as transformational for The Bank of Princeton, allowing for considerable opportunities to grow and improve shareholder value,” said Edward Dietzler, president and CEO of the Bank of Princeton.
Following the acquisition of Beneficial Bank in February, WSFS announced plans to consolidate 25 percent of their combined retail banking offices. A total of 30 bank locations will close or change ownership as a result of the consolidation.
This is the first round of branches to find a new owner.
The Bank of Princetown will be adding approximately $180 million in deposits and increase the number of branches to nineteen. This acquisition expands the footprint of the Bank into Burlington, Gloucester and Camden Counties.