WSFS to buy Array Financial, Arrow Land Transfer

Posted: July 31, 2013

WSFS Financial Corp. has agreed to buy Array Financial Group Inc., a mortgage company, and the affiliated Arrow Land Transfer Co., an abstract and title company, for an undisclosed amount, the Wilmington bank said.

Array and Arrow are based in Haverford. Array, founded in 2005, made $150 million in mortgage loans last year, WSFS said.

The purchase, expected to be completed Wednesday, would boost its fee income and immediately add to earnings, WSFS said, adding that all 17 Array and Arrow employees will join WSFS.

Jeffrey M. Ruben, Array's president, is a former executive at American Business Financial Services Inc., a Philadelphia lender that went bankrupt in 2005.


Contact Harold Brubaker at 215-854-4651 or hbrubaker@phillynews.com.

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