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)
December 29, 2003
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 jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
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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Not Applicable
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(Former name or former address, if changed since last Report)
WSFS FINANCIAL CORPORATION
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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AHMC Arbitration. On December 29, 2003, WSFS Financial Corporation's
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(the "Company") position in connection with a Demand for Arbitration (the
"Demand") filed against Wilmington Savings Fund Society, FSB (the "Bank"), the
Company's wholly-owned subsidiary, by American Homestead Mortgage Corp.
("AHMC"), was affirmed. The Arbitrator agreed with the Company's position and
awarded AHMC $1,991,520, plus interest, and any "residual interest" owing to
AHMC under the Company's 1994 agreement relating to the purchase of reverse
mortgage loans from AHMC (the "Arbitration Award"). AHMC had sought an award in
excess of $8.0 million.
On December 31, 2003, the Bank and AHMC entered into a settlement
agreement and release(the "Settlement Agreement"). In the Settlement Agreement,
the Company agreed to pay AHMC $2.5 million in final settlement of all amounts
AHMC would be entitled to receive under the 1994 agreement and the Arbitration
Award. Because the Company had accrued for its expected payments under its
contract with AHMC and related costs, the terms of the Settlement Agreement did
not have a material impact on the financial condition and results of operations
of the Company for the three months, or the fiscal year, ended December 31,
2003.
Montchanin Capital Management. On January 12, 2004, the Registrant
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issued a press release announcing the formation of Montchanin Capital
Management, a new investment management firm to serve the needs of high net
worth individuals and small-to-medium sized institutions in the Delaware area.
The Registrant also announced that Montachanin Capital Management entered into a
definitive agreement to acquire Cypress Capital Management, a Wilmington-based
investment advisory firm. For further details, reference is made to the Press
Release dated January 12, 2004, which is attached hereto as Exhibit 99 and
incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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Exhibit 99 - Press release dated January 12, 2004.
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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, thereunto duly authorized.
WSFS FINANCIAL CORPORATION
Date: January 16, 2004 By: /s/Mark A. Turner
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Mark A. Turner
Chief Operating Officer/
Chief Financial Officer
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