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.
Kroll Bond Rating Agency (KBRA) has affirmed the ratings of WSFS Financial Corporation (NASDAQ: WSFS) following its announced merger with Bryn Mawr Bank Corporation (NASDAQ: BMTC). KBRA described the merger as a strategically sound scale play, enhancing WSFS's market position. WSFS will have the highest deposit market share among regional banks in the Philadelphia area post-merger. The affirmation includes strong ratings for both WSFS and Bryn Mawr. The acquisition is set to close in Q4 2021, with a stable outlook for both companies.
WSFS Financial Corporation and Bryn Mawr Bank Corporation announced a definitive merger agreement valued at approximately $976.4 million. After the merger, WSFS will enhance its market position in the Greater Philadelphia and Delaware region with nearly $20 billion in assets and a $43 billion wealth management business. Bryn Mawr stockholders will receive 0.90 shares of WSFS stock for each share, equating to an implied value of $48.55 per share. WSFS expects annual cost synergies of $73 million and the merger to be accretive to earnings per share in 2022.
WSFS Bank has announced an $850,000 contribution to the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC)/b) Programs, benefiting 65 schools in Pennsylvania. This donation aims to provide scholarships for students from low-to-moderate income areas and support educational initiatives such as Independence Mission Schools and the YMCA. In 2020, WSFS contributed significantly to COVID-19 relief efforts, showcasing its commitment to community support and educational opportunities.
The WSFS Mortgage Regional Study reveals that 59% of residents in the Greater Philadelphia and Delaware area find it affordable, with over half considering Philadelphia for future home purchases. The study highlights a significant preference for suburban living, especially among younger generations. However, concerns arise from dwindling inventory, with 69% believing the middle class is being priced out of the market. Confidence in affording a home has decreased by 10% from the previous year, despite a belief in job market improvement. The study surveyed 782 participants, offering insights into shifting residential trends influenced by the pandemic.
Sandra Whalen joins WSFS Institutional Services as Senior VP, Business Development Officer, reporting to Arthur J. Bacci, Executive VP and Chief Wealth Officer. Her focus is on enhancing client relationships and product development. With over 30 years in corporate trust management, Whalen previously held a senior role at Wells Fargo. Bacci expressed enthusiasm over her expertise, expecting her to drive results within the Trust Division.
WSFS Bank, the primary subsidiary of WSFS Financial Corporation, manages $24.2 billion in assets and operates across five states.
WSFS Financial Corporation (Nasdaq: WSFS) announced its inclusion in the S&P SmallCap 600 Index, effective March 1, 2021. This designation reflects the company's strong financial performance and market capitalization. Dominic C. Canuso, CFO, emphasized the importance of this milestone, highlighting it as an affirmation of WSFS's commitment to long-term growth and community service. As of December 31, 2020, WSFS reported $14.3 billion in assets and $24.2 billion in assets under management, operating 112 offices across several states.
WSFS Bank Study reveals insights into Millennials and Gen Z regarding their financial health. Despite challenges, 65% feel their finances are 'good' or 'excellent,' and 58% believe their generation is more financially stable than previous ones. However, 43% struggle with everyday expenses. The study highlights a financial literacy gap, with only 23% learning finance in school. Major events, including the 2008 crisis and COVID-19, have shaped their outlook, with many showing resilience by increasing savings. The survey included 2,005 respondents aged 18-40, conducted on January 21, 2021.
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WSFS Financial Corporation (Nasdaq: WSFS) will participate in the 2021 KBW Virtual Winter Financial Services Symposium on February 10, 2021. Key executives including Rodger Levenson, CEO, and Dominic C. Canuso, CFO, will host the discussion. The Investor Presentation will be available on their website. As of December 31, 2020, WSFS Financial Corporation reported $14.3 billion in assets and $24.2 billion in assets under management. WSFS Bank, established in 1832, operates 112 offices across Pennsylvania, Delaware, New Jersey, Virginia, and Nevada.
WSFS Financial Corporation reported strong 4Q 2020 results, with net income reaching $59.8 million, up from $51.1 million in 3Q and $45.7 million in 4Q 2019. The company achieved an earnings per share (EPS) of $1.20, up from $1.01 in the previous quarter. The return on average assets (ROA) improved to 1.73%, and return on average equity (ROE) to 13.0%. Notably, WSFS repurchased 2.9 million shares, returning $122.4 million to shareholders while maintaining a robust bank common equity tier 1 ratio of 12.50%. These results underscore the company's resilience amidst a challenging economic environment.