Willow Grove Bancorp, Inc. Announces New Holding Company Headquarters; Holding Company Headquarters and Operations Center to Be
October 26 2005 - 12:39PM
Business Wire
Headquarters for Willow Grove and First Financial Divisions to
Remain in Maple Glen, PA and Downingtown, PA, Respectively Willow
Grove Bancorp, Inc. (Nasdaq:WGBC) (the "Company") today announced
that its new corporate headquarters for the holding company will be
located in King of Prussia, PA. The Wayne, PA office of the
Company's brokerage and investment firm, Philadelphia Corporation
for Investment Services, will also be relocated to this location.
The company expects to occupy the building during the first
calendar quarter of 2006. The King of Prussia facility will also
become the centralized operations center for the Company.
Operations and servicing employees at the site will focus primarily
on back office and support functions associated with check
processing, accounting and finance, and loan servicing. The
approximate 45,000 square foot facility will house a total of
approximately 150 employees of the Company. The Willow Grove and
First Financial divisions of Willow Grove Bank will remain
headquartered at their current locations in Maple Glen, PA and
Downingtown, PA, respectively. "This is an exciting step forward as
we continue the integration process and drive Willow Grove Bancorp,
Inc. ahead as the community banking leader in the Philadelphia
area," said Donna Coughey, President & Chief Executive Officer
of Willow Grove Bancorp, Inc. "Situated ideally between the
headquarters of our two divisions, this facility will serve as a
bridge between the two franchises and leverages our operating
efficiencies." The address for the new location will be 170 South
Warner Road, King of Prussia, PA. The move to the new facility is
expected to take place during the first calendar quarter of 2006.
In addition to relocating its corporate headquarters, the Company
has entered into a sale/leaseback transaction with respect to
certain of its owned branch office properties. Taken together, the
proposed new headquarters office and sale/leaseback transactions
are expected to be essentially neutral to the Company's future
operating results. About Willow Grove Bank: Willow Grove Bancorp,
Inc. is the holding company for Willow Grove Bank, a federally
chartered savings bank. Willow Grove Bank was founded in 1909 and
operates 27 branch locations in Bustleton, Dresher, Hatboro,
Holland, Huntingdon Valley, Maple Glen, North Wales, Rhawnhurst,
Roslyn Valley, Somerton, Southampton, Warminster (two), Willow
Grove, Downingtown, Exton, Frazer, Thorndale, Westtown, Airport
Village, Brandywine Square, Devon, Kennett Square, Eagle,
Coatesville, Avondale and West Chester, Pennsylvania. Additional
information is available at: www.willowgrovebank.com. Forward
Looking Statements The information contained in this press release
may contain forward-looking statements (as defined in the
Securities Exchange Act of 1934 and the regulations thereunder)
which are not historical facts or as to Willow Grove Bancorp, Inc.
management's intentions, plans, beliefs, expectations or opinions.
Forward-looking statements may be identified by the use of words
such as "believe", "expect", "anticipate", "intend", "plan",
"estimate", "could", "may", "likely", "probably" or "possibly".
These statements include, but are not limited to, statements
regarding plans, objectives and expectations with respect to future
operations and statements regarding future performance. Such
statements are subject to certain risks and uncertainties, many of
which are difficult to predict and generally beyond the control of
Willow Grove Bancorp and its management, that could cause actual
results to differ materially from those expressed in, or implied or
projected by, the forward-looking information and statements.
Uncertainties regarding the timing and expense related to the
Company's new headquarters office and its branch office
transaction, among other factors, could cause actual results to
differ materially from the anticipated results expressed in the
forward-looking statements. Other factors that may affect the
Company's future operations are discussed in the documents filed by
Willow Grove Bancorp with the Securities and Exchange Commission
("SEC") from time to time. Copies of these documents may be
obtained from Willow Grove Bancorp upon request without charge
(except for the exhibits thereto) or can be accessed at the website
maintained by the SEC at http://www.sec.gov. Willow Grove Bancorp
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances that occur after the date on
which such statements were made.
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