WILMINGTON, Del., Aug. 21, 2012 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq:WSFS), the parent company of Wilmington Savings Fund Society, FSB, today announced that it has priced an offering of $55.0 million aggregate principal amount of 6.25% Senior Notes due September 1, 2019, at a price equal to 100% of the aggregate principal amount of the Senior Notes. After the underwriting discount and estimated offering expenses payable by the Company, it expects to receive net proceeds of approximately $52.7 million. The offering is expected to close on August 27, 2012.
The Company expects to use the net proceeds for general corporate purposes, including to support anticipated balance sheet growth, which may include loan originations and securities purchases. Subject to receipt of the requisite regulatory approvals, the proceeds may be used to repurchase or redeem all or a portion of its Series A Preferred Stock.
Sandler O'Neill + Partners, L.P. acted as sole book-running manager for the offering and Keefe, Bruyette & Woods, Inc. acted as co-lead manager. Boenning & Scattergood, Inc. and Janney Montgomery Scott acted as co-managers.The Company has filed a registration statement with the Securities and Exchange Commission relating to the offering and it has been declared effective. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The notes offering is being made solely by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting Stephen Fowle at the Company, 500 Delaware Avenue, Wilmington, Delaware 19801, (302) 571-2264, or Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, (866) 805-4128.