Nasdaq-listed WSFS Financial Corporation, has finally got preliminary approval to participate in the U. S. Department of the Treasury's Capital Purchase Program (CPP).

Under the Emergency Economic Stabilization Act of 2008, the CPP was established as a way for healthy U. S. financial institutions to help stabilize the U. S. economy.

Under this voluntary program, WSFS applied for and was approved by the U. S. Treasury for the maximum $78.9 million in capital; however, WSFS expects to issue approximately $53.0 million in shares of WSFS Financial Corporation senior preferred stock, and warrants to purchase approximately $8.0 million of WSFS common stock at an estimated strike price of $45.08.

WSFS Financial Corporation operates as the thrift holding company for the Wilmington Savings Fund Society, FSB (bank), which provides various financial services primarily in the mid-Atlantic region of the United States.