Wsfs Financial Corporation · NASDAQ:WSFS
Wsfs Financial — Merger or Acquisition (November 2015)
13 slides from Wsfs Financial's merger presentation, Nov 24, 2015
Slide 1: WSFS Financial Corporation to Combine with Penn Liberty Financial Corp.
WSFS Financial Corporation to Combine with Penn Liberty Financial Corp. November 23, 2015 Exhibit 99.2
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to WSFS’ predictions o
Slide 3: Additional Information
Additional Information IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the proposed merger, WSFS will file with the SEC a Registration Statement on Form S-4 that will include a proxy statement of Penn Liberty and a prospectus of WSFS, as well as other relevant documents conc
Slide 4: Financially Attractive and Strategically Compelling
Financially Attractive Core EPS accretion of 2.0% in 2016 and 5.8% in 2017 after full realization of expense savings Modest tangible book value dilution of 6.7%(4), earned back in 4.9 years 17% anticipated IRR; well in excess of WSFS’ cost of capital Significant revenue enhancements not modeled, but
Slide 5: Low Risk
Low Risk Penn Liberty offices are within a well-defined southeastern PA geography, where WSFS already has a presence; creates market density in attractive markets Strong C&I lending base and low cost core deposit base with nearly 45% no-and-low interest bearing demand deposits Strong cash and liquid
Slide 6: Attractive Combined Franchise
Expands WSFS’ position as the largest, most diversified, super-community bank headquartered in the Delaware Valley (Philadelphia-Camden-Wilmington MSA) Attractive Combined Franchise Source: SNL Financial, WSFS and Penn Liberty provided information. Data is pro forma for the acquisition of Alliance.
Slide 7: Enhanced Market Demographics
Enhanced Market Demographics Penn Liberty operates in demographically attractive southeastern PA markets which are contiguous and very similar to WSFS’ home markets, where we have had success for 183 years Source: SNL Financial. Unemployment data as of September 2015. Office count assumes the consol
Slide 8: Low Risk Pro Forma Market Share
Low Risk Pro Forma Market Share Creates the 3rd largest super-community bank franchise in three key southeastern PA counties by deposits Recently announced acquisitions in the market by super-regional institutions create significant additional growth opportunities for local, capable super-community
Slide 9: Transaction Details
$101 million in the aggregate (including the value of Penn Liberty’s options)(1) 0.6601 shares of WSFS common stock, or $21.75 in cash 60% WSFS common stock / 40% cash consideration mix Pat Ward, 32 year local PA banker and founder and Chairman of Penn Liberty, to be named PA Market President and ap
Slide 10: Overview of Penn Liberty
Overview of Penn Liberty Source: SNL Financial and Penn Liberty provided information. Core deposits defined as deposits less time deposits > $100,000. Represents Penn Liberty Bank level data. Excludes the impact of SBLF Preferred dividends. Penn Liberty loan composition classifies owner-occupied CRE
Slide 11: Fee Income Opportunities
Fee Income Opportunities Registered investment advisor offering a “balanced’ investment style Focus on high net worth individuals $615 million assets under management Offers credit and deposit products Focus on high net worth individuals Partners/refers to other wealth units Fiduciary and investment
Slide 12: Summary
Summary A WSFS combination with Penn Liberty represents a strategically compelling, low risk franchise expansion that meets or exceeds WSFS’ financial return hurdles while providing significant upside opportunities for both revenue enhancements and capturing significant market share that is “in-play
Slide 13: WSFS Financial Corporation Investor Relations
WSFS Financial Corporation Investor Relations WSFS Bank Center 500 Delaware Avenue Wilmington, DE 19801 302-571-7264 stockholderrelations@wsfsbank.com www.wsfsbank.com Mark A. Turner President and CEO 302-571-7160 mturner@wsfsbank.com Rodger Levenson Chief Financial Officer 302-571-7296 rlevenson@ws
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