Daily Brief · June 11, 2026
Card portfolio sale, buyback authorization, merger approvals
WSFS changes card strategy, Amalgamated expands buybacks, and Arrow’s merger clears key approvals.
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Capital and earnings actions
WSFS agrees to sell its card portfolio to Elan and partner on WSFS-branded credit cards
The transaction is expected to produce a second-quarter gain and provision release. WSFS will also issue WSFS-branded credit cards with Elan, shifting the card business from an owned portfolio to a partner-issued model.
Source: SEC 8-K
Amalgamated Bank expands its buyback authorization
The board authorized an additional $31.4 million common stock repurchase under the existing program, bringing total future authorization to $40 million as of June 9, 2026. The action is a direct capital-return signal and affects the bank’s per-share valuation setup.
Source: SEC 8-K
M&A status
Arrow merger receives Adirondack stockholder and New York DFS approvals
Closing conditions are expected to be satisfied for a July 1, 2026 completion. The approvals remove two named execution gates, but the filing still frames completion as tied to remaining closing conditions.
Source: SEC 8-K