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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) February 2, 1999
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WSFS FINANCIAL CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-16668 22-2866913
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification Number)
Incorporation)
838 Market Street, Wilmington, Delaware 19899
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (302) 792-6000
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Item 5 - Other Events
On February 1, 1999, the registrant announced that the Board of Directors
has authorized the repurchase of up to 1,150,000 shares, or approximately 10% of
the Company's current outstanding shares of Common Stock from time to time in
the open market or privately negotiated transactions.
See Press Release incorporated herein by reference as Exhibit I.
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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: February 2, 1999 /s/ MARVIN N. SCHOENHALS
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Marvin N. Schoenhals
President and Chief Executive Officer
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EXHIBIT 1
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WSFS FINANCIAL CORPORATION AUTHORIZES
SHARE BUYBACK PROGRAM
WSFS Financial Corporation (NASDAQ/NMS: WSFS), the parent company of
Wilmington Savings Fund Society, FSB (WSFS) announced today that the Board of
Directors has authorized the repurchase of up to 1,150,000 shares, or
approximately 10% of the Company's current outstanding shares of Common Stock
from time to time in the open market or privately negotiated transactions. The
repurchased shares will be available for issuance upon the exercise of options
granted under the Company's Stock Option Plan and for other corporate purposes.
The shares of common stock acquired under this repurchase program shall be
treated as treasury shares on the statement of financial condition of the
Company. The prior 10% repurchase plan authorized by the Board of Directors in
April 1997 has been substantially completed. At December 31, 1998, the Company
had 11,503,000 shares outstanding.
WSFS Financial Corporation is a $1.6 billion financial services
company. Its principal subsidiary, WSFS, currently operates 22 retail banking
offices in Northern Delaware and Southeastern Pennsylvania. Other operating
subsidiaries include WSFS Credit Corporation; Community Credit Corporation; and
838 Investment Group, Inc. For more information, please visit our website at
www.wsfsbank.com.
