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 (WSFS) maintains this dedicated news hub for investors and stakeholders tracking its community banking, cash logistics, and wealth management developments. Access official press releases and curated updates covering strategic initiatives across all business segments.
This resource provides essential information about WSFS Bank's regional operations, Cash Connect's cash management innovations, and Wealth Management's advisory services. Find timely updates on financial results, leadership changes, and community partnership announcements.
Key content includes earnings reports, merger activity, technology implementations, and regulatory filings. Our editorial team verifies all information directly from WSFS sources to ensure accuracy and compliance with financial disclosure standards.
Bookmark this page for streamlined access to WSFS's latest developments. For comprehensive understanding of the company's 190-year legacy in financial services, combine these updates with our detailed WSFS Financial Corp profile.
WSFS Financial Corporation reported its 2Q 2021 results, revealing a decline in net interest income to $106.7 million from $113.8 million year-over-year. Total net revenue decreased to $155.8 million compared to $178.1 million in 2Q 2020. Significant gains were noted with a net income of $95.7 million, up from a loss of $7.1 million in the same period last year. The company also approved a quarterly cash dividend of $0.13 per share. WSFS showed improved credit metrics, with a $72.4 million decrease in the allowance for credit losses and strong growth in fee revenue, totaling $49 million.
According to a recent study by Cash Connect, a division of WSFS Bank, 81% of financial decision makers report cash payments have remained steady over the past five years.
Despite the rise of digital payment methods, 40% of consumers prefer cash, while 78% of businesses still accept it. Notably, 39% of businesses have a cash-only policy for purchases under $20. The study highlights a demand for cash management solutions, with 77% of decision makers considering smart safes for improved security and efficiency. Additionally, 51% of Americans believe cash helps with budgeting, particularly among Gen-Z consumers.
WSFS Financial Corporation (Nasdaq: WSFS) will release its second quarter earnings on July 22, 2021. A conference call to discuss these results is scheduled for July 23, 2021, at 1:00 p.m. EDT, accessible via phone at 1-877-312-5857, using conference ID # 9377417. A rebroadcast will be available from 4:00 p.m. on July 23 until August 3, 2021.
As of March 31, 2021, WSFS Financial Corporation reported $14.7 billion in total assets. The company operates 111 offices across Pennsylvania, Delaware, New Jersey, Virginia, and Nevada.
WSFS Financial Corporation (NASDAQ: WSFS) announced the repayment of $100 million in senior debt with a 4.50% coupon rate, callable quarterly since June 15, 2021. The debt repayment was funded by proceeds from previously issued notes at a lower coupon rate of 2.75%. This strategic move is expected to enhance WSFS's balance sheet and reduce interest expenses, showcasing the company’s strong liquidity and financial stability. However, an additional interest expense of $1.1 million will be recognized in Q2 2021 due to unamortized debt issuance costs.
On June 10, 2021, WSFS Financial Corporation (NASDAQ: WSFS) and Bryn Mawr Bank Corporation (NASDAQ: BMTC) announced stockholder approval for the merger of BMTC into WSFS. This merger aims to enhance WSFS's competitive position as a leading regional bank, leveraging local market knowledge and a diverse product suite. Subject to regulatory approvals, the merger is expected to close in Q4 2021, with system conversion planned for January 2022. As of March 31, 2021, WSFS had $14.7 billion in assets, while BMTC reported $4.9 billion in corporate assets.
WSFS Bank, a subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), has promoted six Associates to Senior Vice President (SVP) roles. The newly appointed SVPs include Pamela Peters Arms, Douglas Blackman, Dennis Moyer, Randy Nachman, Scott Swingle, and Terence Young. This initiative, part of a succession planning strategy, aims to strengthen the bank's leadership. As of March 31, 2021, WSFS Financial Corporation reported $14.7 billion in assets and $24.7 billion in managed assets, operating across 111 locations in multiple states.
WSFS Bank announced the promotion of Shari Kruzinski to Executive Vice President, Director of Retail Delivery. With over 30 years in banking, Kruzinski has played a pivotal role in retail banking initiatives, especially during the pandemic. She has overseen multiple banking regions and was essential in integrating several banks into WSFS. This appointment aligns with the bank's succession planning and focus on talent development. As of March 31, 2021, WSFS Financial Corporation holds $14.7 billion in assets and operates 111 offices across several states.
On April 22, 2021, over 100 WSFS Bank Associates and their families participated in 'Take Your Children to the Community Day,' volunteering across the Greater Philadelphia and Delaware region. This event, which resumed after being canceled in 2020, aimed to instill the value of community service in children. Activities took place at various local nonprofits, focusing on safe, socially distanced volunteerism. WSFS Bank emphasized its commitment to community service through this initiative, highlighting longstanding partnerships with local organizations.
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