WSFS Financial has received all the regulatory and shareholder approvals required to complete its $101 million purchase of Devon based Penn Liberty Bank, writes Jeff Blumenthal for the Philadelphia Business Journal.

This includes approvals from Penn Liberty shareholder, the Office of the Comptroller of the Currency and Pennsylvania Department of Banking as well as a waiver given by the Board of Governors of the Federal Reserve System. According to WSFS, the deal is now expected to close on August 12th, with the systems and branding conversions set for August 15th.

This acquisition will give WSFS close to $6 billion in total assets and over 70 offices, making it the largest bank indigenous to the Philadelphia area. The locations include 24 in Southeastern Pennsylvania acquired as part of the $92 million deal to purchase Broomall based Alliance Bancorp with its eight branches located in Delaware and Chester counties.

Penn Liberty opened in 2004 after CEO Patrick Ward and Chief Lending Officer, Brian Zwaan, managed to raise $30 million in start-up capital and used it to grow rapidly, opening 11 branches in Chester and Montgomery counties, with another planned in King of Prussia.  As of September 30th, the bank reported assets of $651 million, loans of $510 million, and deposits of $558 million.

After the acquisition is finalized, Ward will become WSFS’s Regional President for Pennsylvania while Zwaan will oversee its commercial lending operations in the state.

Read more about the purchase on the Philadelphia Business Journal here, and check out previous VISTA Today coverage of Penn Liberty Bank here.