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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): November 20, 1998
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 of other Jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
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
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On November 20, 1998, the Registrant's wholly owned subsidiary, WSFS
Capital Trust I (the "Trust"), issued $50,000,000 aggregate liquidation
amount of Floating Rate Cumulative Trust Preferred Securities, representing
undivided beneficial interests in the Trust (the "Trust Preferred
Securities"), at a public offering price of $1,000 per Trust Preferred
Security. Distributions will be paid on the Trust Preferred Securities at
a variable rate, reset quarterly, equal to three-month LIBOR plus 250 basis
points. The Trust Preferred Securities are guaranteed by the Registrant
based on several obligations. The Trust invested the proceeds from such
sale into $51,547,000 aggregate principal amount of Floating Rate Junior
Subordinated Deferrable Interest Debentures due December 1, 2028 of the
Company with the same financial terms and payment obligations as the Trust
Preferred Securities.
Item 7. Financial Statements. Pro Forma Financial Information and
Exhibits.
(a) Financial Statements of Business Acquired. None.
(b) Pro Forma Financial Information. None.
(c) Exhibits. The following exhibits are filed as part of this
report on Form 8-K:
Exhibit No. Description
1.1 Underwriting Agreement, dated November 17, 1998,
among WSFS Financial Corporation, Wilmington
Savings Fund Society, Federal Savings Bank, WSFS
Capital Trust I and Sandler O'Neil & Partners, L.P.
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, thereunto duly authorized.
WSFS FINANCIAL CORPORATION
Date: November 20, 1998 BY: /s/ Marvin N. Schoenhals
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Marvin N. Schoenhals
Chairman, President
and Chief Executive Officer