WSFS Financial Corp. and Beneficial Bancorp Inc. are consolidating 25% of the combined bank's office network as part of the planned merger of Beneficial Bank and WSFS Bank.
Fourteen Beneficial locations and 11 WSFS locations are being consolidated, and the combined bank plans to sell five additional locations on the outer edges of the combined branch footprint.
WSFS Financial will begin communicating these consolidations and other merger-related information to Beneficial Bancorp and WSFS Financial's customers in the first quarter of 2019 after the combination receives regulatory approval and the deal closes.
The consolidation is due to "an overall decline in branch transactional activity and [customers'] rapid adoption and usage of digital services," in addition to geographic overlap, the banks said.
WSFS Financial has committed to reinvest an incremental $32 million of the estimated cost savings from the optimization plan into a five-year investment in technology and delivery systems to create a top-tier physical and digital servicing platform.
The company will also raise the minimum wage across the combined organization to $15 an hour, which is the minimum wage at WSFS Financial.