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
August 26, 2013
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) |
Registrants 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:
¨ | Written communications pursuant to Rule 425 under the Securities Act |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Item 8.01 | Other Events. |
WSFS Financial Corporation (the Company) issued a press release on August 29, 2013, announcing the redemption of its remaining cumulative perpetual preferred stock on August 26, 2013. The redemption of this excess capital was funded by available cash on hand of the Company at the stated liquidation (par) value of $1,000 per share. The Company paid preferred stockholders a total of $32,675,000 which included accrued and unpaid dividends to, but excluding August 26, 2013. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
99.1 | Press Release Dated August 29, 2013 |
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: August 29, 2013 | By: | /s/ Stephen A. Fowle | ||||
Stephen A. Fowle | ||||||
Executive Vice President and | ||||||
Chief Financial Officer |
EXHIBIT INDEX
99.1 | Press Release Dated August 29, 2013 |
Exhibit 99.1
PRESS RELEASE |
Investor Relations Contact: Stephen A. Fowle | |
August 29, 2013 |
(302) 571-6833 sfowle@wsfsbank.com | |
Media Contact: Stephanie Heist | ||
(302) 571-5259 | ||
sheist@wsfsbank.com |
WSFS COMPLETES REDEMPTION OF PREFERRED STOCK
WILMINGTON, Del. WSFS Financial Corporation (NASDAQ: WSFS), the parent company of WSFS Bank, announced that it completed the redemption of its remaining cumulative preferred stock on August 26, 2013. This redemption of excess capital was funded by available cash on hand from WSFS Financial Corporation at the stated liquidation (par) value of $1,000 per share. WSFS paid preferred stockholders $32,675,000, which included accrued and unpaid dividends to, but excluding the date of redemption, that have been earned since the last regular quarterly payment of dividends.
The redemption of the excess capital will be immediately accretive to earnings per share of common stock, adding meaningfully to common stockholders value over time.
As reported earlier this year, WSFS previously repurchased $20,000,000 of the $52,600,000 outstanding preferred stock in open market transactions at or very near par value.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest, locally-managed bank and trust company headquartered in Delaware with $4.4 billion in assets on its balance sheet and $17.1 billion in fiduciary assets, including approximately $1.1 billion in assets under management. WSFS operates from 51 offices located in Delaware (41), Pennsylvania (8), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC, Cash Connect® and Array Financial. Serving the Delaware Valley since 1832, WSFS Bank is the seventh oldest bank in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.
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