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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): August 19,1999
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 (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
838 Market Street, Wilmington, Delaware 19801
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(Address, including zip code, of principal executive office)
(302) 792-6000
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On September 7, 1999, WSFS Financial Corporation issued a press release
announcing its anticipated entry into the Internet-only banking sector through
the launch of everbank.com(TM), a wholly-controlled operating subsidiary of its
primary subsidiary Wilmington Savings Fund Society, F.S.B. ("WSFS"), a federally
chartered thrift.
To achieve its objective, WSFS has made an equity investment of $5.5
million in CustomerOne Financial Network, Inc. ("C1FN"), a company formed in
early 1998 for the express purpose of providing direct-to-customer marketing,
servicing, internet development and technology management for "branchless"
financial services. With its investment, WSFS is an approximately 25% owner and
the largest single shareholder in C1FN, and has received warrants for the
purchase of an additional 20% ownership. WSFS has the opportunity, and under
certain circumstances, the obligation, to invest an additional $5.4 million in
C1FN, at current offered ownership prices.
Under the planned structure, which requires Office of Thrift Supervision
approval, C1FN's Internet-only banking infrastructure will become part of
everbank.com(TM).
A copy of the press release of WSFS Financial Corporation announcing its
entry into Internet banking is being filed as Exhibit 99.1 to this report and is
incorporated herein by reference.
ITEM 7 EXHIBITS
Exhibit
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99.1 Press Release
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SIGNATURE
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
(Registrant)
By: /s/ Marvin N. Schoenhals
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Marvin N. Schoenhals
President and Chief Executive Officer
Date: September 13, 1999
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INDEX TO EXHIBITS
Sequential
Exhibit Page No.
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99.1 Press Release........................................ 5