Wsfs Finl Corp Stock Price, News & Analysis

Kroll Bond Rating Agency has reaffirmed WSFS Financial Corporation's (NASDAQ: WSFS) credit ratings, maintaining a senior debt rating of A-, subordinated debt rating of BBB+, and a short-term debt rating of K2. WSFS Bank also earned high ratings, including A ratings for senior unsecured debt and deposits. The reaffirmation reflects the company's strong balance sheet and diversified fee-based solutions, especially in wealth management. As of June 30, 2020, WSFS had $13.6 billion in assets and $20.8 billion in assets under management, with a well-positioned market presence.

WSFS Bank has appointed Salvatore J. Patti as Senior Vice President, Director of Commercial Banking and Wealth Client Management for Greater Philadelphia. Patti brings 30 years of banking experience, most recently serving at PNC Wealth Management. His role will focus on enhancing WSFS's brand and market share in the region. WSFS Financial Corporation currently manages $13.6 billion in assets, with extensive financial services across 115 offices in multiple states. Patti's community involvement includes leadership positions with various local organizations.

WSFS Financial Corporation (Nasdaq: WSFS) will participate in the Piper Sandler Financial Services Virtual Conference on August 5 and 7, 2020. Key executives, including Rodger Levenson (Chairman and CEO), Dominic C. Canuso (CFO), and Steve Clark (Commercial Banking Officer), will hold one-on-one meetings with analysts and investors. Additionally, WSFS will present its 2Q 2020 Investor Presentation, available on its Investor Relations website. As of June 30, 2020, WSFS reported $13.6 billion in assets and $20.8 billion in assets under management, operating from 115 locations across several states.

WSFS Financial Corporation reported its second-quarter 2020 financial results, showing a net loss of $7.1 million and significant provision for credit losses of $94.8 million due to COVID-19 impacts. Net interest income decreased to $113.8 million, down from $123.2 million YoY, while total net revenue was $178.1 million. The Common Equity Tier 1 Ratio remained strong at 12.68%. The bank provided nearly $1 billion in PPP loans supporting about 100,000 jobs. Despite challenges, WSFS was recognized as a top bank by Forbes, reflecting customer satisfaction.

WSFS Financial Corporation (Nasdaq: WSFS) will announce its second quarter earnings on July 23, 2020, at the end of business day. A conference call will follow at 1:00 p.m. EDT on July 24, 2020, for management to discuss the results. Interested parties can join by calling 1-877-312-5857 using conference ID #3954236. A rebroadcast of the call will be available until August 4, 2020. As of March 31, 2020, WSFS Financial had $12.3 billion in assets and $21.1 billion in assets under management, operating 116 offices across multiple states.

WSFS Bank, a subsidiary of WSFS Financial Corporation, announced the promotion of 10 Associates to Senior Vice President (SVP) on June 29, 2020. These promotions recognize significant contributions to the company's success. The new SVPs include leaders in various capacities, such as Performance Management, Government Guaranteed Lending, and Retail Lending. Executive VP Peggy Eddens emphasized the importance of building senior leadership to support succession planning and strengthen community ties. As of March 31, 2020, WSFS Financial had $12.3 billion in assets and operates 116 offices.

WSFS Bank has announced a $200,000 donation to assist local small businesses affected by the pandemic. The funds will go through local community development financial institutions (CDFIs) and will aid businesses with annual revenues under $500,000 that have faced negative impacts from COVID-19. Additionally, WSFS managed over 5,000 Paycheck Protection Program loans totaling nearly $1 billion, supporting approximately 100,000 employees in the region. The WSFS Community Foundation has also previously provided $300,000 in grants to nonprofits battling COVID-19.

WSFS Bank, a subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), announced the promotion of Jim Wechsler to Senior Vice President and Chief Retail Lending Officer, effective immediately. Wechsler will oversee various lending sectors, including consumer and small business lending, replacing retiring Glenn Kocher. With over a decade at WSFS, Wechsler has played a pivotal role in acquisitions and strategic initiatives. WSFS Financial Corporation boasts $12.3 billion in assets and operates 116 offices across several states, providing comprehensive financial services since 1832.