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 reports recurring developments as the parent company of WSFS Bank, a regional financial services company with banking, cash logistics, and wealth and trust operations. Company news commonly covers quarterly earnings, loan and deposit trends, commercial and consumer banking activity, fee income from Wealth and Trust, and performance updates tied to Cash Connect and other subsidiaries or divisions.
Updates also include capital actions such as dividends, share repurchases and debt financing, as well as investor presentations, governance changes, technology leadership, and market-presence announcements in the Greater Philadelphia and Delaware region.
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.
Moody’s Investors Service has assigned first-time ratings to WSFS Financial Corporation with an issuer rating of Baa2 and a Positive Outlook. The company received long- and short-term deposit ratings of A2/Prime-1, alongside a Baseline Credit Assessment of Baa1. WSFS, having grown through integrations like Beneficial Bank and Bryn Mawr Trust, anticipates that the Moody’s rating will enhance fee opportunities in its Wealth and Trust segment. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion under management.
WSFS Bank has promoted six Associates to Senior Vice President (SVP) positions as part of its commitment to talent development and leadership growth. The newly appointed SVPs include Ed Andrewlevich, Hugh Arbuthnot, Cindy Grimes, Rene Lopez, Charles Nangeroni, and William Womer. These promotions reflect the bank's focus on embracing challenges and enhancing professional growth among its workforce. WSFS Bank, headquartered in Delaware, has $20.6 billion in assets and operates 121 offices across several states, providing a range of financial services.
WSFS Financial Corporation has introduced a new healthcare specialty business within its Commercial Banking Division, led by Kevin McKeown as Senior Vice President, Director of Healthcare Banking. This initiative aims to provide tailored financial services to senior living and long-term care facilities, tapping into a growing market. McKeown boasts nearly 30 years of experience in healthcare financial services. As of June 30, 2022, WSFS reported $20.6 billion in assets and serves the Delaware and Greater Philadelphia regions through 121 offices.
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.