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 Corp is a savings and loan holding company with a rich history dating back to 1832. Headquartered in Wilmington, Delaware, WSFS Financial Corp operates through three primary segments: WSFS Bank, Cash Connect, and Wealth Management.
WSFS Bank is the core segment, providing a comprehensive range of banking services including loans, leases, and other financial products tailored for both commercial and consumer customers. With 43 branches spread across Delaware and Southeastern Pennsylvania, WSFS Bank stands as a community-oriented institution focused on innovation and customer satisfaction.
Cash Connect, another vital segment, offers ATM vault cash, smart safe, and other cash logistics services. It plays a significant role in supporting the cash management needs of businesses and financial institutions, ensuring secure and efficient cash handling.
The Wealth Management division provides an extensive array of services that include planning, advisory services, investment management, and personal and institutional trust services. This segment caters to individuals, corporations, and institutional clients, helping them achieve their financial goals with a range of credit and deposit products.
Known for its commitment to service, WSFS Financial Corp's mission is encapsulated in its motto, “We Stand for Service®”. This mission has been a guiding principle since the company's inception. WSFS is also recognized as one of the top workplaces, reflecting its positive work environment and strong community ties.
In terms of financial performance, WSFS Financial Corp primarily generates revenue from its banking segment. The company is dedicated to evolving its services to meet the changing needs of its customers through the adoption of innovative technologies.
WSFS Bank, subsidiary of WSFS Financial (Nasdaq: WSFS), has appointed Chris Ballard as Senior Vice President, Director of Total Rewards. Ballard will report to Lisa Brubaker, Executive Vice President and Chief Human Resources Officer, and will be responsible for developing and implementing comprehensive total rewards strategy while overseeing compensation, benefits and wellbeing, payroll, and HRIS functions.
Ballard brings nearly 20 years of Human Resources experience, including 15 years at UGI , where he most recently served as Vice President of Total Rewards and HR Services. He holds a B.A. in Business Administration with a minor in Human Resources Management from Gwynedd Mercy University.
WSFS Bank has announced its 2025 Down Payment Grant Program with a $1.5 million commitment to support homeownership accessibility. The program, which has provided over $4 million in grants since its inception three years ago, offers qualified borrowers up to $5,000 in down payment and/or closing costs assistance.
Key features include no required repayment for grant funds, flexible guidelines, homebuyer education programs, and the ability to combine with other programs like the WSFS Neighborhood Opportunity Program. Eligibility requires household income at or below 100% of the Area Median Income (AMI) and property location in Majority-Minority Census Tracts within specified counties in the Greater Philadelphia and Delaware region.
Bryn Mawr Trust, a subsidiary of WSFS Financial (Nasdaq: WSFS), has expanded its presence in Bucks County, Pennsylvania with a new office in Doylestown and the addition of four experienced wealth advisory professionals from Truist Wealth. The new team includes Brandon McFadden as Senior VP and Wealth Director, Jim Fisher and Chris Freddo as Senior VPs and Senior Investment Advisors, and Heather Weinhold as Senior Financial Associate.
McFadden brings seven years of experience managing Truist's wealth management business in Bucks and Montgomery County markets. Fisher has previously held leadership roles at Wilmington Trust and Univest , while Freddo brings 24 years of experience in strategic credit and risk management. Weinhold contributes 25 years of client support experience from Truist Wealth.
This expansion represents a significant step in Bryn Mawr Trust's regional growth strategy, enhancing its wealth management, private banking, and investment services offerings.
WSFS Bank has appointed Kathryn Bittner as Senior Vice President, Chief Operating Officer of Commercial Banking. Bittner, who joined WSFS in 2022 during the Bryn Mawr Trust integration, will report to James Wechsler, Executive Vice President and Chief Commercial Banking Officer. In her new role, she will oversee operations, finance, sales strategy, and the credit development program for Commercial Banking.
Bittner brings over 30 years of banking experience, including leadership positions at M&T, Citizens, and Mellon. She succeeds Wechsler, who was promoted to Chief Commercial Banking Officer effective January 1, 2025. The appointment demonstrates WSFS' commitment to developing internal talent for driving innovation and growth.
WSFS Financial reported strong Q4 2024 financial results with earnings per share of $1.09 and core EPS of $1.11. Key highlights include:
- Net interest margin of 3.80%, up from 3.78% in Q3 2024
- Customer deposits increased 4% from Q3 2024 and 4% year-over-year
- Record fee revenue in Wealth and Trust division with 12% YoY growth
- Total net credit costs decreased to $8.7 million from $20.1 million in Q3 2024
- Full-year 2024 performance showed core EPS of $4.39 and core ROA of 1.26%
The company repurchased 393,238 shares at an average price of $53.27 per share, totaling $20.9 million. For the full year 2024, WSFS repurchased 2,049,739 shares (3% of outstanding shares) at an average price of $46.55, returning $95.4 million to shareholders.
WSFS Bank's new survey of 597 small business decision-makers reveals a positive outlook for 2025, with 60% expecting revenue growth despite recent economic challenges. The survey, focused on businesses with annual revenues up to $5 million, shows owners planning key investments in equipment (26%), working capital (25%), and expansions (24%).
The past two years presented significant challenges, with businesses citing inflation (59%), cost of living crisis (45%), and recession fears (31%) as primary concerns. In response, 54% cut non-essential spending and 27% sought more affordable suppliers.
Regarding banking relationships, 53% use large national banks, while 29% prefer regional banks. Business owners primarily seek assistance with credit cards (53%), cash flow management (38%), and growth capital (36%). The survey indicates a preference for in-person meetings for complex services like business planning (66%) and lending (62%), while showing flexibility for routine services.
WSFS Financial (Nasdaq: WSFS) has announced its schedule for reporting fourth quarter and full-year 2024 financial results. The company will release its earnings report after market close on Monday, January 27, 2025. Management will host a conference call to discuss the results on Tuesday, January 28, 2025, at 1:00 p.m. Eastern Time.
Investors and interested parties can access the conference call through advance registration or live streaming at investors.wsfsbank.com. The earnings release and supplemental materials will be available on the company's Investor Relations website section before the call. Participants are recommended to log in 15 minutes before the broadcast. A replay of the conference call will be made available shortly after the event.
WSFS CARES Foundation, the charitable arm of WSFS Bank (Nasdaq: WSFS), has announced fourth quarter grants totaling $165,000 to four organizations. The largest grants include a $285,000 three-year commitment to the Community Education Building for their Youth Development Center, and a $150,000 three-year grant to Reach Riverside Development for their CORE Program supporting low-income children in Wilmington.
Additional grants include $10,000 each to Covenant House for workforce development and CASA Youth Advocates for child welfare system support. WSFS Bank also provided separate smaller grants to various organizations including Literacy Delaware, Chester County Food Bank, Family Support Line, and Mother's Home.
WSFS Financial (Nasdaq: WSFS) has appointed Owen Mathews as Senior Vice President, Corporate Development Officer. Mathews, who has spent nearly 18 years with WSFS, will report to Executive Vice President and Chief Operating Officer Arthur Bacci. In his new role, Mathews will be responsible for driving growth through mergers and acquisitions, strategic partnerships, and joint ventures. Previously serving as Senior Vice President and Investment Portfolio Manager, Mathews' appointment represents WSFS' commitment to internal talent development and strategic growth initiatives.
WSFS Financial (Nasdaq: WSFS) announced key leadership promotions in its Commercial Banking and Risk teams, effective January 1, 2025. Jim Gise will become EVP, Director of Corporate & Specialty Banking and Deputy Chief Commercial Banking Officer. Liam Brickley will be promoted to EVP, Chief Credit Officer. Scott Baylis and Salvatore Patti will co-lead the Commercial and Industrial Banking group as SVPs, Directors of Commercial Banking.
The reorganization includes the renaming of Business Banking to Commercial Banking, focusing on businesses with $5-50 million in revenue and credit exposure over $3 million. These changes align with WSFS's strategy as the largest locally headquartered bank in the Greater Philadelphia and Delaware region.
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