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 Financial Corporation announced a $15 million settlement that positively impacts its earnings per share (EPS) by approximately $0.23 for Q4 2021. This resolution stems from litigation related to the 2010 purchase of Christiana Bank & Trust Company. The company aimed to enforce indemnity from the stock purchase agreement and recover amounts from a previous arbitration with Universitas Education, LLC. The current settlement, along with an earlier recovery of $8 million, covers all litigation costs and recoups a total of $12 million paid to Universitas.
WSFS Financial Corporation has successfully completed the acquisition of Bryn Mawr Bank Corporation and its subsidiary, Bryn Mawr Trust, effective January 1, 2022. This strategic move enhances WSFS's position in the Greater Philadelphia and Delaware region, increasing its assets to approximately $20 billion and assets under administration to about $49 billion. Key appointments to the Board of Directors include Frank J. Leto, Lynn B. McKee, and Diego F. Calderin, who are expected to contribute valuable insights. Customers can expect a seamless transition until late Q1 2022 when systems integration is anticipated.
WSFS Financial Corporation (WSFS) announced that it has received all necessary approvals to acquire Bryn Mawr Bank Corporation (BMTC), with the merger expected to close on January 1, 2022. The Federal Reserve granted the final regulatory approval, following overwhelming support from shareholders of both companies. Following the merger, WSFS aims to create a premier banking and wealth management franchise in the Greater Philadelphia and Delaware region. Both banks will operate separately until a systems integration is completed in late Q1 2022, providing customers access to a combined ATM network of over 600 locations.
WSFS Financial Corporation (Nasdaq: WSFS) announced the recognition of three associates, Steve Dunn, Cody Snyder, and Erik O’Neal, in the American Bankers Association’s Under 40 in Wealth Management awards. This marks the second consecutive year WSFS has had multiple winners, highlighting the firm's strong expertise in wealth management. Dunn is a financial advisor, Snyder is senior trust counsel, and O’Neal is an advisor at West Capital Management. They will be honored at the ABA’s virtual Wealth Management and Trust Conference on February 15-16, 2022.
WSFS Financial Corporation (Nasdaq: WSFS) will participate in the virtual D.A. Davidson Mid-Atlantic Bank Tour on November 17, 2021. Chairman and CEO Rodger Levenson and CFO Dominic C. Canuso will engage with investors. The company’s current Investor Presentation is accessible on its website. As of September 30, 2021, WSFS reported $15.4 billion in assets and $27.6 billion in assets under management. Operating 112 offices, WSFS Bank is the largest locally managed bank in Delaware and the Greater Philadelphia region.
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WSFS Financial Corporation (Nasdaq: WSFS) will participate in the Piper Sandler East Coast Financial Services Conference on November 11, 2021, in Naples, Florida. Chairman Rodger Levenson and CFO Dominic C. Canuso will engage with investors. The company’s current Investor Presentation is available on their website. As of September 30, 2021, WSFS reported $15.4 billion in assets and $27.6 billion in assets under management. Operating with 112 offices, WSFS Bank has a long-standing history in the Delaware and Greater Philadelphia regions, providing comprehensive financial services since 1832.
WSFS Bank has promoted seven Associates to Senior Vice President (SVP) across various business lines. The newly appointed SVPs include James Boston (Real Estate Services), Robin Marandola (Commercial Loan Operations), Bernadette Powell (Fair and Responsible Banking), Theodore Quillen (Wealth Investments), Lisa Shaw (Business Strategy), Norman Smith (Senior Credit Officer), and Drew Walls (Business Banking). The bank emphasizes career development for its Associates and looks forward to their continued contributions. WSFS Financial Corporation has $15.4 billion in assets as of September 30, 2021.
WSFS Bank has launched a digital electronic payables solution to enhance its technology suite, aimed at simplifying accounts payable for Commercial Banking Customers. This integrated solution replaces traditional paper-based processes, allowing businesses to manage payments digitally, reducing errors, fraud risk, and processing costs. Customers can execute various payment formats, including checks, ACH, and virtual cards, potentially increasing revenue through card transactions. As of September 30, 2021, WSFS Financial Corporation had $15.4 billion in assets.
WSFS Bank, a subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), has launched its 18th Annual Fall Food Drive to address food insecurity in the Greater Philadelphia and Delaware regions. The drive will run until December 31, 2021, collecting nonperishable food items at various banking locations, aiming to exceed the 56,000 meals provided in 2020. With an estimated 42 million Americans facing food insecurity, WSFS is collaborating with local organizations to distribute the collected food. Additionally, WSFS is sponsoring the Camp Out for Hunger event to further support hunger relief efforts.