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WSFS acquisition of Penn Liberty approved

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WSFS Financial Corp’s $101 million acquisition of Penn Liberty Bank has been approved.

The Wilmington-based bank announced last November that it would buy Penn Liberty -- which is headquartered in Wayne, Pennsylvania. Penn Liberty has 11 branches in the southeastern parts of the state and $651 million in assets.

The transaction was given the green light by Penn Liberty’s shareholders, the Office of the Comptroller of the Currency and the Pennsylvania Department of Banking. WSFS was also given a waiver from the Board of Governors of the Federal Reserve System.

The acquisition will officially be completed on August 12. WFSF, the oldest and largest financial institution in the Philadelphia region, will have over 70 offices, including 24 locations in southeastern Pennsylvania. It will also have more than $6 billion in assets.

Earlier this year, the company also purchased Alliance Bank and its eight branches.