Subsequent Event

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Event

16. SUBSEQUENT EVENTS

On October 9, 2015, the Company completed the merger of Alliance into the Company and Alliance Bank into WSFS Bank. Alliance is a locally-managed institution with eight branch locations headquartered in Broomall, PA. As of June 30, 2015, Alliance had approximately $340 million in deposits and $415 million in total assets. In accordance with the terms of the Agreement and Plan of Reorganization, dated March 2, 2015, holders of shares of Alliance common stock received, in aggregate, $26.6 million in cash and 2,459,223 shares or approximately 9% of outstanding WSFS common stock. The transaction was valued at $97.9 million based on WSFS’ October 9, 2015 closing share price of $29.01 as quoted on NASDAQ. The results of the combined entity’s operations will be included in our Consolidated Financial Statements from the date of acquisition.

The acquisition of Alliance will be accounted for as a business combination using the acquisition method of accounting, which includes estimating the fair value of assets acquired, liabilities assumed and consideration paid as of the acquisition date. These preliminary estimates will be completed during the fourth quarter of 2015 and will be subject to adjustments during the up to one year measurement period after the acquisition.