WSFS Financial Corp - WSFS STOCK NEWS

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.

WSFS Financial (Nasdaq: WSFS), through its subsidiary Bryn Mawr Trust, has announced three key appointments to its wealth advisory team. Tony Lunger joins as Senior Vice President and Wealth Director, Mark Gerstenschlager as Senior Vice President and Senior Investment Advisor, and Pamela Opalach as Vice President and Senior Financial Associate.

All three professionals join from Wilmington Trust Company, bringing significant experience: Lunger with over 24 years in wealth management, Gerstenschlager with more than 23 years, and Opalach with over 20 years in client-focused tax, trust, and wealth management. They will be based in the Wilmington, Delaware office, focusing on serving high-net-worth individuals and providing comprehensive financial planning services.

Bryn Mawr Trust's recent survey reveals that Americans value their digital assets at an average of $191,516, yet 76% report having little to no knowledge of digital estate planning. The study, which surveyed 1,500 U.S. adults including high-net-worth individuals, found that only 44% of respondents with financial advisors discussed digital asset planning.

Despite having up to 250 digital accounts and 30,000 digital files per person, there's widespread uncertainty about digital asset management. While 79% believe protecting digital assets is important, only 32% have an estate plan, and merely 53% of those with wills specify wishes for digital assets. The survey also revealed that 39% of Americans have never heard of digital estate planning, highlighting a significant knowledge gap in this important area.

WSFS Financial (Nasdaq: WSFS) has announced two key leadership appointments. Lynn Hobson has joined as Chief Marketing Officer effective December 2, 2024, while former CMO Justin Dunn has transitioned to the newly created role of Chief Community Impact Officer.

Hobson, who previously spent 16 years at BNY's Pershing as Director and Head of Marketing, will lead WSFS' marketing and communications strategy, including brand awareness, communications, digital marketing, data analytics, advertising, and customer experience. She will report to EVP and COO Arthur Bacci.

In his new role, Dunn will oversee WSFS' Community Strategy and Reinvestment efforts, volunteer initiatives, financial education programming, the WSFS CARES Foundation, and sponsorships and events, reporting to EVP and Chief Consumer Banking Officer Shari Kruzinski.

WSFS Financial 's subsidiary Bryn Mawr Trust is expanding its advisory business and wealth management services through strategic talent acquisition. The company has made multiple key hires across various teams, including Wealth and Trust services, WSFS Wealth Investments, Bryn Mawr Capital Management, and WSFS Private Banking. New talent joins from major firms like PNC, Vanguard, Morgan Stanley, Comerica, and Wilmington Trust. The expansion includes the appointment of Wealth Directors Donald Lyons and Angela Wagner to lead teams in the Berwyn office, demonstrating the company's commitment to growth and service enhancement in wealth management.

WSFS Financial (Nasdaq: WSFS), the parent company of WSFS Bank, announced participation in Piper Sandler’s East Coast Financial Services Conference. Key executives, including Chairman, President, and CEO Rodger Levenson, CFO David Burg, and COO Art Bacci, will meet with investors on November 14, 2024, in Naples, Florida. They will present the current Investor Presentation, which will be accessible on the WSFS Investor Relations website.

The WSFS CARES Foundation, WSFS Bank's charitable arm, has announced third-quarter grants totaling $105,000 to support two organizations. Pathways to Success will receive $160,000 over two years to hire a Licensed Clinical Social Worker for their PTSD support program. The Trust for Public Land will receive $75,000 over three years to support the Philadelphia Community Schoolyards Program, helping develop three new community schoolyard projects in Philadelphia neighborhoods.

WSFS Bank has announced the promotion of James (Jim) Wechsler to Executive Vice President, Chief Commercial Banking Officer, effective January 1, 2025. Wechsler will join the Executive Leadership Team, reporting to Art Bacci, and will oversee Commercial & Industrial Banking, Commercial Real Estate, Treasury Management, Capital Markets and Equipment Finance. He succeeds Steve Clark, who will transition to a Senior Advisor role. Wechsler, who joined WSFS in 2010, previously served as Chief Operating Officer, Commercial Banking, and has held various senior roles within the organization.

WSFS Financial reported its Q3 2024 financial results with an ROA of 1.22% and EPS of $1.08. The quarter showed 5% annualized loan growth across commercial, consumer, and residential mortgage portfolios, while deposits grew 3% annualized. Net interest income increased $3.1 million (2%) from Q2 2024 to $177.5 million, though decreased 3% year-over-year. Core fee revenue reached $90.1 million, up 5% from Q2 2024. Total net credit costs were $20.1 million, with nonperforming assets increasing $25.9 million primarily due to two loans - a $19.2 million C&I loan and a $14.7 million hotel loan.