Competition is growing thick for Chester County’s thriving pocketbooks, as another bank is making a big move into the county’s fertile soil. WSFS Financial Corp. has just acquired Wayne-based Penn Liberty Bank for $101 million.

“We have aligned ourselves with a terrific partner in Penn Liberty, as they also share our extraordinary commitment to customers, communities and associates,” WSFS President and CEO Mark A. Turner said.

“Southeastern Pennsylvania continues to be a highly desirable and complementary market extension opportunity for our franchise, and we look forward to further serving that market. This is our sixth Delaware Valley acquisition since 2008 and our largest to date.”

Penn Liberty’s 11 branches in the state join the recently acquired branches of Alliance Bancorp of Pennsylvania and a few of WSFS’ own new branches since 2010.

“I am proud of the organization and relationships our team has built over the past decade,” Penn Liberty Chairman and CEO Patrick Ward said. “We are pleased to partner with WSFS, both the largest and the oldest bank and trust company headquartered in the Delaware Valley.

“Our combined significant presence in Delaware and southeastern Pennsylvania, as well as their expanded mortgage, commercial and wealth product offerings, will benefit our customers, communities and associates.”

Ward and COO Brian Zwaan will join the WSFS senior management team when the deal closes in the third quarter of 2016.

Shareholders are set to receive two-thirds of a share of WSFS stock or $21.75 cash.

Read more about the merger in the Philadelphia Business Journal here.