WSFS Financial Corp - WSFS STOCK NEWS

WSFS Bank's CARES Foundation donated over $2 million in grants to 349 organizations across Delaware, New Jersey, and Pennsylvania in 2021. This philanthropic effort aims to enhance community opportunities through several key areas: community investments, affordable housing, and education. Notable beneficiaries include organizations like Good Neighbors Home Repair and UrbanPromise, emphasizing the Foundation's commitment to community support and development. WSFS Bank, founded in 1832, continues its legacy as a leading financial institution in the region.

WSFS Financial Corporation (Nasdaq: WSFS) reported its fourth quarter 2021 financial results, showing net income of $56.3 million and earnings per share of $1.18. Net interest income was $108.2 million, down from $123.0 million year-over-year. Core fee revenue increased to $46.0 million, reflecting a strong performance in fee-generating businesses. The company received final regulatory approval for its acquisition of Bryn Mawr Trust, which closed on January 1, 2022, and is expected to enhance market position. Net loan and lease portfolio decreased by $91 million from the prior quarter.

WSFS Institutional Services®, a division of WSFS Bank, has climbed to the fourth position as a trustee for U.S. Asset and Mortgage-Backed Securities in 2021, increasing its market share from 6.3% to 10.3%, a significant 64% rise. The issuance volume surged by 156% compared to the previous year. Key services include trustee and agent roles in asset-backed securities and corporate debt. WSFS is committed to enhancing its offerings through advanced technology like eVault, solidifying its growth strategy in the financial services sector.

WSFS Bank has announced the promotions of three Associates: Robert Eastwood as Senior Vice President, Chief Information Security Officer; Jeremy Shackleford as Senior Vice President, Director of Small Business Sales; and Carolyn Urbanovich as Vice President, Regional Manager for the Greater Philadelphia Market. These promotions reflect WSFS's commitment to professional development. Eastwood will enhance cybersecurity efforts, Shackleford will boost small business sales, and Urbanovich will oversee retail operations in Philadelphia. WSFS Financial Corporation boasts $15.4 billion in assets.

WSFS Financial Corporation has appointed Brian J. Taylor as Senior Vice President and Wealth Director for Bryn Mawr Trust Wealth Management in Princeton, N.J.. Taylor, who has over 25 years of wealth management experience, will focus on new business, community visibility, and brand development. This announcement follows the recent merger of WSFS and Bryn Mawr Bank Corporation. WSFS Financial reported $15.4 billion in assets and $27.6 billion in assets under management as of September 30, 2021.

WSFS Financial Corporation (Nasdaq: WSFS) announced it will report its fourth quarter earnings on January 24, 2022. A conference call for investors will follow on January 25, 2022, at 1:00 p.m. ET for a detailed review of the earnings report. As of September 30, 2021, WSFS Financial had $15.4 billion in assets and $27.6 billion in assets under management. Established in 1832, it operates 112 offices across several states, providing diverse financial services.

WSFS Financial Corporation announced a $15 million settlement that positively impacts its earnings per share (EPS) by approximately $0.23 for Q4 2021. This resolution stems from litigation related to the 2010 purchase of Christiana Bank & Trust Company. The company aimed to enforce indemnity from the stock purchase agreement and recover amounts from a previous arbitration with Universitas Education, LLC. The current settlement, along with an earlier recovery of $8 million, covers all litigation costs and recoups a total of $12 million paid to Universitas.

WSFS Financial Corporation has successfully completed the acquisition of Bryn Mawr Bank Corporation and its subsidiary, Bryn Mawr Trust, effective January 1, 2022. This strategic move enhances WSFS's position in the Greater Philadelphia and Delaware region, increasing its assets to approximately $20 billion and assets under administration to about $49 billion. Key appointments to the Board of Directors include Frank J. Leto, Lynn B. McKee, and Diego F. Calderin, who are expected to contribute valuable insights. Customers can expect a seamless transition until late Q1 2022 when systems integration is anticipated.

WSFS Financial Corporation (WSFS) announced that it has received all necessary approvals to acquire Bryn Mawr Bank Corporation (BMTC), with the merger expected to close on January 1, 2022. The Federal Reserve granted the final regulatory approval, following overwhelming support from shareholders of both companies. Following the merger, WSFS aims to create a premier banking and wealth management franchise in the Greater Philadelphia and Delaware region. Both banks will operate separately until a systems integration is completed in late Q1 2022, providing customers access to a combined ATM network of over 600 locations.