<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) March 4, 1996
--------------------------
WSFS FINANCIAL CORPORATION
---------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-16668 22-2866913
- ------------------- ------------------------ ---------------------
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification Number)
Incorporation)
838 Market Street, Wilmington, Delaware 19899
- --------------------------------------- ---------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (302) 792-6000
-------------------------
Total number of pages 6.
<PAGE>
Item 5. Other Events
On March 4, 1996, the Board of Directors of WSFS Financial Corporation
announced that the Company would remain independent. In July 1995, the Company
had announced that it was exploring its strategic alternatives, including a
possible sale of the Company.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed as part of this report:
EXHIBIT
NUMBER DOCUMENT
- ------- --------
99 Press Release dated March 4, 1996 Exhibit 1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WSFS Financial Corporation
Date: March 5, 1996 /s/ MARVIN N. SCHOENHALS
------------------------------------
Marvin N. Schoenhals
President and Chief Executive Officer
<PAGE>
EXHIBIT 1
PRESS RELEASE DATED MARCH 4, 1996
NEWS RELEASE
WSFS LOGO FINANCIAL CORPORATION
---------------------
838 Market Street, Wilmington, DE 19899
For Release: March 4, 1996
Contact: Marvin N. Schoenhals
or R. William Abbott
(302) 571-7294
WSFS FINANCIAL CORPORATION ANNOUNCES
ITS INTENT TO REMAIN INDEPENDENT
Wilmington, DE -- WSFS Financial Corporation (NASDAQ/NMS:WSFS), the
parent company of Wilmington Savings Fund Society, FSB (WSFS), announced today
that the Company intends to remain independent in order to maximize stockholder
value. The Board made this decision after completing a review of alternative
courses of action, including a possible sale of the Company. The Board
previously announced its intention to undertake this review in light of the
significant changes and ongoing consolidation in the banking industry. The Board
was assisted in its review by Alex. Brown & Sons Incorporated, its financial
advisor.
Marvin N. Schoenhals, Chairman, President and CEO said, "The Board's
decision was made after taking into consideration the Company's growth prospects
and the fact that none of the expressions of interest significantly exceeded
recent market prices. It is the unanimous judgment of the Board that a sale of
the Company at current market levels would be inadequate and would not be in the
best interests of stockholders. In short, the Board does not feel the sale of
the Company at this time would adequately value the Company's earnings prospects
and capabilities of management. As such, it concluded that stockholders,
customers and Associates are best served by remaining independent."
Members of the Board controlling over 43% of the Company's outstanding
stock unanimously supported the decision to remain independent. The Board also
announced that it has authorized management to initiate a 5% stock buyback
program.
WSFS Financial Corporation is a $1.2 billion financial services
company. Its principal subsidiary, WSFS, operates 14 retail banking offices in
New Castle County and Dover, Delaware. WSFS was originally chartered in 1832 and
has served customers in the greater Wilmington, Delaware market for 164 years.
Other operating subsidiaries include WSFS Credit Corporation; Community Credit
Corporation; 838 Investment Group, Inc.; and Providential Home Income Plan, Inc.
###
