-----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, OxU0ametLzLvdDIdgA+v1S0qIfdooHomtPxew9GeROQel/yE31A7ljxlmAmWdTM0 uUp0h4SUGDODwZWGvlScvA== 0000950116-96-000125.txt : 19960306 0000950116-96-000125.hdr.sgml : 19960306 ACCESSION NUMBER: 0000950116-96-000125 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960304 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960305 SROS: NONE 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: 96531356 BUSINESS ADDRESS: STREET 1: 838 MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3025717160 MAIL ADDRESS: STREET 1: 838 MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19899 FORMER COMPANY: FORMER CONFORMED NAME: STAR STATES CORP DATE OF NAME CHANGE: 19920703 8-K 1 FORM 8-K 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 Date of Report (Date of Earliest Event Reported) March 4, 1996 -------------------------- WSFS FINANCIAL CORPORATION --------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-16668 22-2866913 - ------------------- ------------------------ --------------------- (State or Other (Commission File Number) (I.R.S. Employer Jurisdiction of Identification Number) Incorporation) 838 Market Street, Wilmington, Delaware 19899 - --------------------------------------- --------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (302) 792-6000 ------------------------- Total number of pages 6. Item 5. Other Events On March 4, 1996, the Board of Directors of WSFS Financial Corporation announced that the Company would remain independent. In July 1995, the Company had announced that it was exploring its strategic alternatives, including a possible sale of the Company. Item 7. Financial Statements and Exhibits (c) Exhibits The following exhibit is filed as part of this report: EXHIBIT NUMBER DOCUMENT - ------- -------- 99 Press Release dated March 4, 1996 Exhibit 1 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: March 5, 1996 /s/ MARVIN N. SCHOENHALS ------------------------------------ Marvin N. Schoenhals President and Chief Executive Officer EX-99 2 NEWS RELEASE EXHIBIT 1 PRESS RELEASE DATED MARCH 4, 1996 NEWS RELEASE WSFS LOGO FINANCIAL CORPORATION --------------------- 838 Market Street, Wilmington, DE 19899 For Release: March 4, 1996 Contact: Marvin N. Schoenhals or R. William Abbott (302) 571-7294 WSFS FINANCIAL CORPORATION ANNOUNCES ITS INTENT TO REMAIN INDEPENDENT Wilmington, DE -- WSFS Financial Corporation (NASDAQ/NMS:WSFS), the parent company of Wilmington Savings Fund Society, FSB (WSFS), announced today that the Company intends to remain independent in order to maximize stockholder value. The Board made this decision after completing a review of alternative courses of action, including a possible sale of the Company. The Board previously announced its intention to undertake this review in light of the significant changes and ongoing consolidation in the banking industry. The Board was assisted in its review by Alex. Brown & Sons Incorporated, its financial advisor. Marvin N. Schoenhals, Chairman, President and CEO said, "The Board's decision was made after taking into consideration the Company's growth prospects and the fact that none of the expressions of interest significantly exceeded recent market prices. It is the unanimous judgment of the Board that a sale of the Company at current market levels would be inadequate and would not be in the best interests of stockholders. In short, the Board does not feel the sale of the Company at this time would adequately value the Company's earnings prospects and capabilities of management. As such, it concluded that stockholders, customers and Associates are best served by remaining independent." Members of the Board controlling over 43% of the Company's outstanding stock unanimously supported the decision to remain independent. The Board also announced that it has authorized management to initiate a 5% stock buyback program. WSFS Financial Corporation is a $1.2 billion financial services company. Its principal subsidiary, WSFS, operates 14 retail banking offices in New Castle County and Dover, Delaware. WSFS was originally chartered in 1832 and has served customers in the greater Wilmington, Delaware market for 164 years. Other operating subsidiaries include WSFS Credit Corporation; Community Credit Corporation; 838 Investment Group, Inc.; and Providential Home Income Plan, Inc. ### -----END PRIVACY-ENHANCED MESSAGE-----