-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S26I2pj+G36AHV1tBumjrygqDaSOTMsEEcLAl5CczO+Qc+sqBa3mMn1sF6qpZRLc HF92agHvnsrDWGHu80nP1g== 0000946275-07-000960.txt : 20071214 0000946275-07-000960.hdr.sgml : 20071214 20071214163527 ACCESSION NUMBER: 0000946275-07-000960 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071211 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071214 DATE AS OF CHANGE: 20071214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WSFS FINANCIAL CORP CENTRAL INDEX KEY: 0000828944 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 222866913 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16668 FILM NUMBER: 071307745 BUSINESS ADDRESS: STREET 1: 838 MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3027926000 MAIL ADDRESS: STREET 1: 838 MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19801 FORMER COMPANY: FORMER CONFORMED NAME: STAR STATES CORP DATE OF NAME CHANGE: 19920703 8-K 1 f8k_121107-0312.htm FORM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

 

 

December 11, 2007

 

 

Date of Report

(Date of earliest event reported)

 

 

WSFS Financial Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

0-16668

 

22-2866913

(State or other jurisdiction

of incorporation)

 

(SEC Commission

File Number)

 

(IRS Employer

Identification Number)

 

500 Delaware Avenue, Wilmington, Delaware

 

19801

 

(Address of principal executive offices)

 

(Zip Code)

 

 

 

Registrant's telephone number, including area code: (302) 792-6000

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o

Written communications pursuant to Rule 425 under the Securities Act

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

 

 

Item 8.01Other Events

 

Matters Related to the Former Headquarters Building and Mural Donation

 

On December 11, 2007, the Registrant issued a press release to announce that WSFS Bank (“WSFS”), the Registrant’s wholly-owned subsidiary, had donated a mural by artist N.C. Wyeth to the Historical Society of Delaware. The mural, Apotheosis of the Family,had been commissioned by WSFS in 1929 for the lobby of the former WSFS headquarters building at 838 Market Street, Wilmington, Delaware. The sale of that building was completed during the fourth quarter of 2007, and WSFS anticipates recording slightly more than $1 million (pre-tax) gain on such sale. In connection with the donation of the mural, WSFS’s maximum tax benefit could be slightly more than $2 million, based on a draft appraisal valuing the mural at $6 million. WSFS expects to receive a final appraisal soon. The timing and amount of the recognition of the tax benefit is still under review and will depend, in part, on a review of the appraisal by the Internal Revenue Service's Arts Advisory Panel.

 

A copy of the press release announcing the donation of the mural is furnished with this Form 8-K as an exhibit.

 

Matters Related to WSFS Membership Interest in Visa USA, Inc.

 

On October 3, 2007, Visa Inc. (“Visa”) announced that it had completed restructuring transactions in preparation for its initial public offering planned for early 2008. WSFS has a de minimus membership interest in Visa. On November 7, 2007, Visa announced that it had reached a settlement with American Express regarding certain litigation. The settlement is subject to certain approvals, including the approval by at least two-thirds of the Visa USA, Inc. voting members. WSFS and other member banks have obligations to share in certain losses under various agreements with Visa in connection with this and other litigation. In light of the above information, WSFS expects to record a non-recurring liability of approximately $470,000 for the American Express litigation and a corresponding non-cash, pre-tax expense in the fourth quarter of 2007.  WSFS is not a party to Visa's other litigation and at this time has no related information about other litigation matters.  WSFS may in the future, however, be subject to additional costs related to settlements of litigation against Visa pursuant to its ownership and other agreements with Visa.  Related to the Visa initial public offering, WSFS notes that, consistent with required accounting principles, it has recorded its investment in its current ownership interest in Visa at zero.

 

Forward Looking Statements Disclaimer

 

Statements contained herein that are not historical facts are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those currently anticipated due to a number of factors. The Registrant does not undertake to update any forward-looking statements.

 

 

 

Item 9.01

Financial Statements and Exhibits  

 

 

Exhibit 99

Press Release dated December 11, 2007

 

 

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

 

 

WSFS FINANCIAL CORPORATION

 

 

Date: December 11, 2007

 

 

 

By:

 

 

/s/Mark A. Turner

 

 

 

Mark A. Turner

President and Chief Executive Officer

 

 

 

 

 EX-99 2 ex99.htm PRESS RELEASE

                PRESS RELEASE

 

FOR IMMEDIATE RELEASE

 

 

Contact: Janis L. Julian

December 11, 2007

(302) 573-3215

 

WSFS BANK AND BUCCINI/POLLIN GROUP PARTNER TO GIFT

N.C. WYETH MURAL TO HISTORICAL SOCIETY OF DELAWARE

 

WILMINGTON, Del. – WSFS Financial Corporation (NASDAQ/GS: WSFS), the parent company of WSFS Bank, and The Buccini/Pollin Group, announce that WSFS Bank will donate the N.C. Wyeth mural, Apotheosis of the Family, to the Historical Society of Delaware.

“It is an honor and a privilege to gift this Delaware jewel to the Historical Society of Delaware, an organization that is dedicated to the preservation and appreciation of Delaware history, heritage and culture for the benefit of the public. We are delighted that this historical treasure will remain in Delaware, the community that WSFS Bank has called home for over 175 years and that this magnificent masterpiece will be accessible to the public for viewing,” said Marvin N. Schoenhals, Chairman of the Board, WSFS Bank.

“We are thrilled to be a part of this gift,” stated Robert Buccini, President of The Buccini/Pollin Group. “It was crucial to us that Apotheosis of the Family remained on Market Street – as part of a larger vision we have for the rebirth of our great city. It is only fitting that it will remain in the heart of this historic district, which is undergoing a major transformation into New Castle County’s premier entertainment, and residential district.”

When originally commissioned in 1929, the intent for the mural was that it would remain on Market Street. As WSFS Bank commemorates its 175th Anniversary, it is meeting the expectations of the community that the mural will stay on Market Street and will be preserved for current and future generations of Delawareans.

The 19-by-60 foot stately work of art has adorned the two-story lobby of the former WSFS headquarters since 1932. The Buccini/Pollin Group, a real estate acquisition, development and management company located in Wilmington, DE, purchased the real estate earlier this year and are converting the building into a 136-room boutique hotel. WSFS Bank relocated its Corporate headquarters to WSFS Bank Center at 500 Delaware Avenue in March 2007, where the preliminary rendering of this masterpiece is displayed in the lobby.

 

“This donation to the Historical Society of Delaware meets the needs of Delawareans to retain this coveted cornerstone in the community and also fulfills WSFS Bank’s desire to keep this masterpiece local and open to public viewing. WSFS Bank is committed to strengthening the core of Delaware, serving the needs and desires of the community from which we have drawn our strength. We are delighted that the mural will be donated to the Historical Society of Delaware, an organization whose values, priorities, mission and community commitment mirror those of WSFS Bank,” said Mark A. Turner, President and Chief Executive Officer, WSFS Bank.

 

About the mural – In 1929, former WSFS Bank President, Frederick E. Stone, commissioned Delaware Valley painter and illustrator, N.C. Wyeth to create a mural for the south wall lobby of the Bank’s former headquarters at 838 Market Street, Wilmington, DE. The completed masterpiece, Apotheosis of the Family, was unveiled in 1932, in celebration of WSFS Bank’s 100th Anniversary. This majestic painting embraces the integrity of the family, which reflects the values of WSFS Bank: to honor and focus on fulfilling the financial needs of the ordinary family. This allegory of home and family is displayed throughout the five panels of the mural as a sequence of scenes that represent the labors of the family. The mural progresses through the seasons beginning with spring and ending with winter and incorporates images of Wyeth’s son Andrew and other Wyeth children and neighbors.

 

About WSFS Financial Corporation

WSFS Financial Corporation is a $3 billion financial services company. Its principal subsidiary, Wilmington Savings Fund Society, FSB, operates 29 retail banking offices in all three counties in Delaware, as well as Chester and Delaware Counties in Pennsylvania, providing full banking services under the WSFS Bank brand, and wealth management and personal trust services under Wilmington Advisors, a division of WSFS Bank.

 

Other operating subsidiaries include WSFS Investment Group, Inc., Montchanin Capital Management, Inc. and WSFS Reit, Inc. WSFS, celebrating its 175th anniversary, is one of the ten oldest banks continuously operating under the same name in the United States. For more information, please visit the Bank’s website at www.wsfsbank.com.

 

 

About The Buccini/Pollin Group, Inc. (Buccini/Pollin)

Buccini/Pollin is a privately held, full-service real estate acquisition, development and management company with offices in Wilmington, DE, Washington DC, suburban Philadelphia, Baltimore, MD and New York City. Buccini/Pollin has developed and acquired office, hotel, multi-family, townhouse, industrial, retail, and parking properties in the Mid-Atlantic and Northeastern regions of the United States. Buccini/Pollin has acquired or developed over $2.5 billion in assets including six million square feet of office, industrial and retail space in 64 buildings, 3,200 hotel rooms in 17 hotels, six major residential communities, and 1,200 covered parking spaces. Buccini/Pollin is the largest privately held office landlord in the Philadelphia region.

 

About the Historical Society of Delaware

The Historical Society of Delaware is the statewide, non-profit organization dedicated to the exploration, preservation, and appreciation of Delaware history, heritage, and culture for the benefit of the public. For over 140 years it has been affording Delaware’s residents and visitors access to the State’s past through exhibitions, educational programs, publications, research opportunities, and outreach activities. It safeguards and shares with the public one of the largest and most significant collections of historic buildings, artifacts, photographs, and documents relating to the history of Delaware. It owns and operates the Delaware History Museum, the Read House & Gardens, and an outstanding Research Library facility. For more information visit www.hsd.org or call MaryLynn Mack, Public Relations Coordinator at 302-295-2390.

 

 

 

 -----END PRIVACY-ENHANCED MESSAGE-----