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 Financial Corporation has received a reaffirmation of its strong credit ratings from Kroll Bond Rating Agency for the seventh consecutive year. The ratings include an A- for senior unsecured debt and BBB+ for subordinated debt. Key strengths highlighted include a diversified business model, a strong wealth management franchise, and the successful integration of Bryn Mawr Trust. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion in assets under management, enhancing its market position in the Philadelphia-Camden-Wilmington MSA.
WSFS Bank has entered a multi-year partnership with the Philadelphia Union, becoming the official bank and community supporter for the team and Subaru Park. This marks WSFS's first major sports collaboration, emphasizing community engagement and alignment with the Union's mission. Upcoming initiatives include the "Backpack Carnival" providing 2,000 backpacks, annual Juneteenth celebrations, Women's Month activities, and a community ticket donation program. With $20.6 billion in assets, WSFS aims to leverage this partnership for brand enhancement and community impact.
WSFS Financial Corporation announced a strong performance for 2Q 2022, with net income of $60.7 million and a 15% increase in quarterly cash dividends to $0.15 per share. Net interest income rose to $153.6 million, a 44% increase from the previous year, driven by strategic investments and loan growth. The Board also authorized a 10% share repurchase, reflecting a commitment to shareholder returns. Despite economic uncertainties, asset quality remains favorable, as total problem assets decreased to $567.5 million. The bank’s Tier 1 capital ratio remains well above regulatory benchmarks.
WSFS Bank's charitable arm, the WSFS CARES Foundation, has allocated $15,000 in grants to seven local nonprofits during the Satell Institute’s CEO Conference held on July 18, 2022. The grants were selected by Rodger Levenson, Chair of the conference, in collaboration with leaders from Philabundance and Sage Financial Group. Each chosen nonprofit, including the Chester County Food Bank and Philabundance, will receive funds to support their initiatives aimed at improving community welfare and promoting inclusion and diversity.
WSFS Financial Corporation (Nasdaq: WSFS) will report its second quarter earnings on July 25, 2022. A conference call is scheduled for July 26, 2022, at 1:00 p.m. ET to discuss the results. Interested participants can preregister and are encouraged to log on 15 minutes prior to the broadcast. For those unable to join live, a replay will be available from 4:00 p.m. ET on July 26 until August 6, 2022. As of March 31, 2022, WSFS had $21.0 billion in assets and $58.1 billion in assets under management.
WSFS Financial Corporation (NASDAQ: WSFS) has sold BMT Insurance Advisors (BMTIA) to Patriot Growth Insurance Services, LLC. The acquisition includes an offer for continued employment for all BMTIA Associates. The transaction, which closed on June 30, 2022, is not expected to materially impact WSFS's future earnings. Dominic C. Canuso, CFO of WSFS, emphasized the deal's alignment with their focus on long-term growth opportunities while providing BMTIA with better resources under Patriot's leadership.
WSFS Financial Corporation (Nasdaq: WSFS) has appointed David B. Stork as Senior Vice President, Wealth Director in Hershey, PA. Stork will lead the Central Pennsylvania team at Bryn Mawr Trust, focusing on new business, community engagement, and brand development. With 30 years of experience in wealth management and financial planning, he previously worked at PNC Wealth Management, Wells Fargo, and as a trusts and estates attorney. As of March 31, 2022, WSFS managed $58.1 billion in assets, operating 122 offices across multiple states.
WSFS Financial Corporation (Nasdaq: WSFS) has appointed James A. Hutchinson as Senior Vice President, Wealth Director at Bryn Mawr Trust in Berwyn, Pa. Hutchinson will oversee new business initiatives and brand development in the area, bringing over 30 years of experience in wealth management. Previously, he served as Senior Vice President and Market Executive at PNC Private Bank, and his extensive background in financial advising is expected to enhance client services. As of March 31, 2022, WSFS reported $21.0 billion in assets and $58.1 billion in assets under management.
WSFS Bank's charitable arm, the WSFS CARES Foundation, has granted $75,000 over five years to the Homeland Center in Harrisburg, PA, to support its Certified Nursing Assistant Academy Program. This initiative aims to train individuals in senior and hospice care, enhancing workforce development in the region. The Homeland Center, established in 1867, provides essential care services and is seeking to meet state educational requirements for the program. The foundation emphasizes education and community impact, celebrating its mission through this grant.
On April 28, 2022, WSFS Associates, along with their families, participated in "Take Your Children to the Community Day," engaging over 60 volunteers in community service across the Greater Philadelphia and Delaware region. Activities included collaboration with local nonprofits like the Delaware Humane Association and UrbanPromise NJ. In addition, WSFS Associates contributed to financial literacy education during Teach Children to Save Week from April 25-29, 2022. As of March 31, 2022, WSFS Financial Corporation reported $21.0 billion in assets.