WSFS Financial Corp - WSFS STOCK NEWS

WSFS Financial Corporation has introduced a new healthcare specialty business within its Commercial Banking Division, led by Kevin McKeown as Senior Vice President, Director of Healthcare Banking. This initiative aims to provide tailored financial services to senior living and long-term care facilities, tapping into a growing market. McKeown boasts nearly 30 years of experience in healthcare financial services. As of June 30, 2022, WSFS reported $20.6 billion in assets and serves the Delaware and Greater Philadelphia regions through 121 offices.

WSFS Financial Corporation has received a reaffirmation of its strong credit ratings from Kroll Bond Rating Agency for the seventh consecutive year. The ratings include an A- for senior unsecured debt and BBB+ for subordinated debt. Key strengths highlighted include a diversified business model, a strong wealth management franchise, and the successful integration of Bryn Mawr Trust. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion in assets under management, enhancing its market position in the Philadelphia-Camden-Wilmington MSA.

WSFS Bank has entered a multi-year partnership with the Philadelphia Union, becoming the official bank and community supporter for the team and Subaru Park. This marks WSFS's first major sports collaboration, emphasizing community engagement and alignment with the Union's mission. Upcoming initiatives include the "Backpack Carnival" providing 2,000 backpacks, annual Juneteenth celebrations, Women's Month activities, and a community ticket donation program. With $20.6 billion in assets, WSFS aims to leverage this partnership for brand enhancement and community impact.

WSFS Financial Corporation announced a strong performance for 2Q 2022, with net income of $60.7 million and a 15% increase in quarterly cash dividends to $0.15 per share. Net interest income rose to $153.6 million, a 44% increase from the previous year, driven by strategic investments and loan growth. The Board also authorized a 10% share repurchase, reflecting a commitment to shareholder returns. Despite economic uncertainties, asset quality remains favorable, as total problem assets decreased to $567.5 million. The bank’s Tier 1 capital ratio remains well above regulatory benchmarks.

WSFS Bank's charitable arm, the WSFS CARES Foundation, has allocated $15,000 in grants to seven local nonprofits during the Satell Institute’s CEO Conference held on July 18, 2022. The grants were selected by Rodger Levenson, Chair of the conference, in collaboration with leaders from Philabundance and Sage Financial Group. Each chosen nonprofit, including the Chester County Food Bank and Philabundance, will receive funds to support their initiatives aimed at improving community welfare and promoting inclusion and diversity.

WSFS Financial Corporation (Nasdaq: WSFS) will report its second quarter earnings on July 25, 2022. A conference call is scheduled for July 26, 2022, at 1:00 p.m. ET to discuss the results. Interested participants can preregister and are encouraged to log on 15 minutes prior to the broadcast. For those unable to join live, a replay will be available from 4:00 p.m. ET on July 26 until August 6, 2022. As of March 31, 2022, WSFS had $21.0 billion in assets and $58.1 billion in assets under management.

WSFS Financial Corporation (NASDAQ: WSFS) has sold BMT Insurance Advisors (BMTIA) to Patriot Growth Insurance Services, LLC. The acquisition includes an offer for continued employment for all BMTIA Associates. The transaction, which closed on June 30, 2022, is not expected to materially impact WSFS's future earnings. Dominic C. Canuso, CFO of WSFS, emphasized the deal's alignment with their focus on long-term growth opportunities while providing BMTIA with better resources under Patriot's leadership.

WSFS Financial Corporation (Nasdaq: WSFS) has appointed David B. Stork as Senior Vice President, Wealth Director in Hershey, PA. Stork will lead the Central Pennsylvania team at Bryn Mawr Trust, focusing on new business, community engagement, and brand development. With 30 years of experience in wealth management and financial planning, he previously worked at PNC Wealth Management, Wells Fargo, and as a trusts and estates attorney. As of March 31, 2022, WSFS managed $58.1 billion in assets, operating 122 offices across multiple states.

WSFS Financial Corporation (Nasdaq: WSFS) has appointed James A. Hutchinson as Senior Vice President, Wealth Director at Bryn Mawr Trust in Berwyn, Pa. Hutchinson will oversee new business initiatives and brand development in the area, bringing over 30 years of experience in wealth management. Previously, he served as Senior Vice President and Market Executive at PNC Private Bank, and his extensive background in financial advising is expected to enhance client services. As of March 31, 2022, WSFS reported $21.0 billion in assets and $58.1 billion in assets under management.