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WSFS Financial (NASDAQ: WSFS) sells $36.3M card portfolio, expects Q2 gain

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

WSFS Financial Corporation announced that its subsidiary Wilmington Savings Fund Society, FSB entered into a partnership with U.S. Bank’s Elan Financial Services to issue WSFS‑branded credit cards. Elan will provide product expertise and network scale while WSFS continues to focus on personalized client service.

As part of the arrangement, the Bank agreed to sell its credit card portfolio to Elan. This portfolio had an outstanding book balance of $36.3 million as of May 31, 2026, and WSFS expects its second‑quarter 2026 results to include an estimated gain of about $1.7 million and a provision release of about $1.3 million from this transaction. The Company states it does not expect the partnership to have a material impact on its financial results going forward and notes that actual results may differ as second‑quarter 2026 financials are not yet finalized.

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Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Credit card portfolio balance $36.3 million Outstanding book balance as of May 31, 2026
Expected gain on transaction $1.7 million Anticipated impact in Q2 2026 results
Expected provision release $1.3 million Anticipated impact in Q2 2026 results
Regulation FD Disclosure regulatory
"Item 7.01 Regulation FD Disclosure On June 5, 2026, Wilmington Savings Fund Society, FSB"
Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.
credit card portfolio financial
"the Bank has entered into an agreement to sell its credit card portfolio to Elan"
provision release financial
"a provision release of approximately $1.3 million, specific to this transaction"
forward-looking statements regulatory
"contains estimates, predictions, opinions, projections and other “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
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Understanding 8-K Material Events →
false000082894400008289442026-06-052026-06-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  FORM 8-K
  
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

June 5, 2026
Date of Report
(Date of Earliest Event Reported) 
WSFS Financial Corporation
(Exact Name of Registrant as Specified in its Charter)
 
Delaware001-3563822-2866913
(State or Other Jurisdiction
of Incorporation)		(SEC Commission
File Number)		(IRS Employer
Identification Number)
500 Delaware Ave,
Wilmington, Delaware, 19801
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (302) 792-6000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareWSFSNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 7.01 Regulation FD Disclosure
On June 5, 2026, Wilmington Savings Fund Society, FSB (the "Bank"), a subsidiary of WSFS Financial Corporation ("WSFS" or the "Company"), entered into a partnership with U.S. Bank National Association d/b/a Elan Financial Services ("Elan") to issue WSFS-branded credit cards. This partnership with Elan is expected to help the Bank deliver a best-in-class credit card experience to our clients, combining Elan's deep product expertise and network scale with the personalized service WSFS is known for. In conjunction with this partnership, the Bank has entered into an agreement to sell its credit card portfolio to Elan. This portfolio had an outstanding book balance of $36.3 million as of May 31, 2026 and the Company anticipates that its second quarter 2026 financial results will reflect a gain of approximately $1.7 million and a provision release of approximately $1.3 million, specific to this transaction. The Company does not expect this partnership will have a material impact on its financial results moving forward.
This information is being furnished under Item 7.01 of this Current Report on Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act") or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by the specific reference in such filing. The Company has not yet finalized its results for the second quarter of 2026 and therefore the actual amounts could differ from the amounts the Company anticipates as of the date of this Report, including differences due to the completion of the financial statement closing procedures, changes in facts, circumstances and/or assumptions or developments in the interim.
Forward-Looking Statements
This Current Report on Form 8-K contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance, and management’s outlook or expectations for future financial results, including estimated gain and provision release relating to the Company's credit card portfolio and the transaction described herein. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other documents filed by the Company with the Securities and Exchange Commission from time to time.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
WSFS FINANCIAL CORPORATION
Date:
June 11, 2026
By: /s/ David Burg
  David Burg
Executive Vice President, Chief Financial Officer


Source: View Original Filing on SEC EDGAR

FAQ

What partnership did WSFS Financial Corporation (WSFS) announce in this 8-K?

WSFS announced that its bank subsidiary entered a partnership with U.S. Bank’s Elan Financial Services to issue WSFS‑branded credit cards. Elan will provide product expertise and network scale, while WSFS continues emphasizing its relationship-based client service model.

What credit card portfolio is WSFS selling and to whom?

WSFS’s bank subsidiary agreed to sell its credit card portfolio to Elan Financial Services. The portfolio had an outstanding book balance of $36.3 million as of May 31, 2026, and the sale aligns with launching WSFS‑branded credit cards under the new partnership.

How will the WSFS credit card portfolio sale affect second-quarter 2026 results?

WSFS anticipates its second-quarter 2026 results will reflect an approximate $1.7 million gain and a $1.3 million provision release tied specifically to the credit card portfolio transaction. Management cautions that final amounts may change as closing procedures and assumptions are finalized.

Does WSFS expect the Elan partnership to be material to future financial results?

WSFS explicitly states it does not expect this partnership to have a material impact on its financial results going forward. The most direct financial effects are the one-time gain and provision release recognized in second-quarter 2026 related to the portfolio sale.

Is the WSFS 8-K credit card transaction information considered filed or furnished?

The information is furnished under Item 7.01 of Regulation FD and is not deemed filed for purposes of Section 18 of the Exchange Act. It will only be incorporated into other securities filings if expressly referenced by WSFS in those future documents.

What forward-looking statements does WSFS include about this credit card transaction?

WSFS notes that estimates of the gain and provision release are forward-looking statements subject to risks and assumptions. Actual second-quarter 2026 results may differ due to closing procedures, changes in facts or circumstances, and broader risks described in its 2025 Form 10-K.

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