WILMINGTON — WSFS Financial Corporation has entered into an agreement to purchase the assets of Powdermill Financial Solutions LLC in an all-cash transaction.
Powdermill, established in 2003, specializes in providing solutions to high-net-worth individuals and families in the Wilmington area, including estate and business succession planning, bill paying, tax planning and preparation, investment tracking and philanthropy management.
“Powdermill aligns with our strategic plan to expand our wealth management offerings and to diversify our fee-income generating businesses,” said Rodger Levenson, executive vice president and chief corporate development officer for WSFS.
“The Powdermill team shares WSFS’ passion for service and commitment to delivering custom solutions for our clients’ needs, and to do so with the care and attention to detail, not found at larger institutions. From a financial perspective, this all-cash transaction is consistent with our previous guidance on fee-based acquisitions and will be immediately accretive to EPS and ROA.”
“Partnering with WSFS, the oldest and largest community bank and trust company headquartered in the Delaware Valley felt natural to us, as we have been working with their private banking and mortgage groups for many years,” said Stephen Petrucci, managing member of Powdermill. “WSFS provides us the depth and support to continue to serve our clients for generations to come.”
Powdermill will be a subsidiary of WSFS Financial Corporation, and members of the Powdermill team will become WSFS Associates. The company will continue to operate as Powdermill Financial Solutions.