Delaware-based WSFS Financial Corporation, the parent of WSFS Bank, has completed the acquisition of Christiana Bank & Trust Company from National Penn Bancshares for an undisclosed amount.

Under the deal, Zissimos Frangopoulos, the former president and chief executive of Christiana Bank & Trust Company, has been appointed to the WSFS board of directors, effective 3 December 2010.

With the acquisition of Christiana, WSFS has gained around $161 million in deposits, approximately $112 million in performing loans and approximately $7 billion in trust assets under management or administration; non-performing loans were not included in the purchase.

All Christiana’s banking customers have been transferred to WSFS Bank’s platform, and the two Christiana bank branches, both located in Delaware, have been consolidated into nearby WSFS banking office locations. However, Christiana Trust’s Nevada and Delaware offices will remain open to carry out trust and private banking operations for WSFS.

“Christiana’s national reputation in the trust business and its banking presence in the attractive Greenville, Delaware market will diversify and add to our status…and provide even greater financial value to all our customers and shareholders,” said Mark Turner, president and CEO of WSFS Bank.