Welcome to our dedicated page for Wsfs Finl news (Ticker: WSFS), a resource for investors and traders seeking the latest updates and insights on Wsfs Finl stock.
WSFS Financial Corporation (Nasdaq: WSFS) is a multibillion-dollar financial services company and the parent of WSFS Bank, which it describes as the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. This news page aggregates company-issued updates, giving readers a single place to review recent announcements and disclosures about WSFS and its banking and wealth management activities.
Visitors to this page can find earnings-related news, including press releases that WSFS files and furnishes via Form 8-K to report quarterly results and provide earnings release supplements and investor presentations. These items offer insight into the company’s financial condition and the information management presents to investors and analysts.
The feed also includes capital markets announcements, such as the company’s public offering of 5.375% Fixed-to-Floating Rate Senior Unsecured Notes due 2035 and related pricing and completion updates. These releases describe the terms of the notes, the intended use of proceeds and the associated SEC registration materials.
In addition, readers can see corporate governance and leadership news, for example the appointment of a new member to the WSFS Board of Directors, as well as community and philanthropic updates from the WSFS CARES Foundation. Recent items highlight grants to organizations focused on affordable housing, food insecurity and family homelessness, along with information about associate volunteer efforts such as We Stand for Service Day.
By reviewing this news page regularly, investors and other interested parties can follow WSFS Financial Corporation’s official communications on financial performance, capital raising, board composition and community initiatives, all sourced from company press releases and related disclosures.
WSFS Bank's Small Business Trends study reveals that 83% of Mid-Atlantic small business owners are optimistic about revenue stability or growth over the next year. Despite economic concerns, 76% believe their businesses will endure, yet 61% report pandemic-related negative impacts. Inflation and rising operational costs are major challenges for 52% and 54% of surveyed businesses, respectively. Many are considering loans for equipment or to cover operational losses, emphasizing the importance of strong banking relationships. The survey included 500 businesses across the region.
WILMINGTON, Del., Nov. 15, 2022 – WSFS Bank has appointed Steven J. Cunningham as Senior Vice President, Director of Small Business Administration (SBA) Sales. He will oversee the SBA Sales team's strategy and growth, which includes loans with SBA and other government guarantors. Cunningham, with nearly 30 years of experience in banking, previously managed SBA operations at Primis Bank and has a strong background in business banking and commercial real estate. WSFS Bank is a leading SBA lender in Pennsylvania, Delaware, and New Jersey.
WSFS Financial Corporation (Nasdaq: WSFS) will engage with investors and analysts at two upcoming events: Piper Sandler’s East Coast Financial Services Conference on November 9, 2022, in Palm Beach, Florida, and the Mid-Atlantic Bank Summit on November 15, 2022, in Philadelphia, Pennsylvania. Key executives, including Rodger Levenson and Dominic C. Canuso, will participate in these meetings. Current Investor Presentation materials are accessible on WSFS’ website. As of September 30, 2022, WSFS had $20 billion in assets and $61.4 billion in assets under management.
WSFS Financial Corporation has appointed Michael A.H. Griffe as Senior Vice President and Controller, effective immediately. Griffe, a CPA with extensive experience, will manage corporate and operational accounting duties, SEC reporting, and internal controls to enhance efficiency. Since joining WSFS in 2016, Griffe has contributed significantly, including leading financial integration during the recent merger with Bryn Mawr Trust. As of September 30, 2022, WSFS reported $20 billion in assets. Griffe holds a finance degree from Penn State and an Executive MBA from Drexel University.
WSFS Financial Corporation reported strong financial results for Q3 2022, with a net income of $73.4 million, up from $60.7 million in Q2 2022 and $54.4 million in Q3 2021. Net interest income rose to $176.8 million, a 15% increase from Q2 2022. The company achieved a core return on average assets of 1.52% and core earnings per share of $1.23. Total customer deposits decreased by 3% from Q2 2022, largely due to a decline in transactional trust deposits. Additionally, WSFS announced a quarterly dividend of $0.15 per share and continued share repurchases totaling $81 million.
WSFS Bank has launched its 19th annual Fall Food Drive to tackle food insecurity in the Greater Philadelphia and Delaware area. The initiative runs until December 31, with banking offices serving as collection points for nonperishable food donations. According to Feeding America's report, food insecurity rose to 11.8% in 2020, significantly affecting marginalized communities. WSFS aims to exceed the 66,000 pounds donated in 2021 and will also sponsor the Camp Out for Hunger event from November 7-11, further supporting local efforts to combat hunger.
WSFS Bank announced the promotion of Shari Kruzinski to Executive Vice President and Chief Consumer Banking Officer, effective immediately, as Rick Wright prepares for retirement at the end of the year.
Kruzinski brings 30 years of experience and previous leadership as Chief Customer Officer. Notably, she oversaw the growth of WSFS's Retail network from 25 to 92 locations and deposits exceeding $10 billion. In addition, WSFS will establish a new division focused on Customer Experience, led by Ollie Sommer.
WSFS Bank's Money Trends study reveals that 91% of Americans are concerned about price increases within the next year, causing shifts in spending, saving, and life milestones. In the Greater Philadelphia and Delaware regions, 41% view the local economy as strong, compared to 33% nationally. Over 54% are increasing savings for financial stability due to economic worries. Major life plans, such as buying homes or starting families, are now deprioritized due to inflation. Interestingly, 36% are saving for the holiday season, with more focusing on local businesses.
WSFS Financial Corporation (Nasdaq: WSFS) will report its third quarter earnings on October 24, 2022. A conference call is scheduled for October 25, 2022, at 1:00 p.m. ET to discuss these results. Interested parties can preregister for the call and are encouraged to log in 15 minutes early. A replay will be available from October 25 at 4:00 p.m. ET until November 5, 2022. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion in assets under management, operating 121 offices across Pennsylvania, Delaware, New Jersey, Virginia, and Nevada.
WSFS Bank's charitable arm, the WSFS CARES Foundation, has awarded grants totaling $305,000 to six local organizations as part of its ongoing community support efforts. The grants, approved in Q3 2022, aim to enhance initiatives in education, housing, and health in underserved areas. Notable recipients include Beat the Streets Philadelphia and Cinnaire, receiving $15,000 and $150,000, respectively. WSFS emphasizes its long-standing commitment to community investment, reinforcing its mission of service.