Welcome to our dedicated page for WSFS Financial news (Ticker: WSFS), a resource for investors and traders seeking the latest updates and insights on WSFS Financial 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 Financial Corporation reported its 2Q 2021 results, revealing a decline in net interest income to $106.7 million from $113.8 million year-over-year. Total net revenue decreased to $155.8 million compared to $178.1 million in 2Q 2020. Significant gains were noted with a net income of $95.7 million, up from a loss of $7.1 million in the same period last year. The company also approved a quarterly cash dividend of $0.13 per share. WSFS showed improved credit metrics, with a $72.4 million decrease in the allowance for credit losses and strong growth in fee revenue, totaling $49 million.
According to a recent study by Cash Connect, a division of WSFS Bank, 81% of financial decision makers report cash payments have remained steady over the past five years.
Despite the rise of digital payment methods, 40% of consumers prefer cash, while 78% of businesses still accept it. Notably, 39% of businesses have a cash-only policy for purchases under $20. The study highlights a demand for cash management solutions, with 77% of decision makers considering smart safes for improved security and efficiency. Additionally, 51% of Americans believe cash helps with budgeting, particularly among Gen-Z consumers.
WSFS Financial Corporation (Nasdaq: WSFS) will release its second quarter earnings on July 22, 2021. A conference call to discuss these results is scheduled for July 23, 2021, at 1:00 p.m. EDT, accessible via phone at 1-877-312-5857, using conference ID # 9377417. A rebroadcast will be available from 4:00 p.m. on July 23 until August 3, 2021.
As of March 31, 2021, WSFS Financial Corporation reported $14.7 billion in total assets. The company operates 111 offices across Pennsylvania, Delaware, New Jersey, Virginia, and Nevada.
WSFS Financial Corporation (NASDAQ: WSFS) announced the repayment of $100 million in senior debt with a 4.50% coupon rate, callable quarterly since June 15, 2021. The debt repayment was funded by proceeds from previously issued notes at a lower coupon rate of 2.75%. This strategic move is expected to enhance WSFS's balance sheet and reduce interest expenses, showcasing the company’s strong liquidity and financial stability. However, an additional interest expense of $1.1 million will be recognized in Q2 2021 due to unamortized debt issuance costs.
On June 10, 2021, WSFS Financial Corporation (NASDAQ: WSFS) and Bryn Mawr Bank Corporation (NASDAQ: BMTC) announced stockholder approval for the merger of BMTC into WSFS. This merger aims to enhance WSFS's competitive position as a leading regional bank, leveraging local market knowledge and a diverse product suite. Subject to regulatory approvals, the merger is expected to close in Q4 2021, with system conversion planned for January 2022. As of March 31, 2021, WSFS had $14.7 billion in assets, while BMTC reported $4.9 billion in corporate assets.
WSFS Bank, a subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), has promoted six Associates to Senior Vice President (SVP) roles. The newly appointed SVPs include Pamela Peters Arms, Douglas Blackman, Dennis Moyer, Randy Nachman, Scott Swingle, and Terence Young. This initiative, part of a succession planning strategy, aims to strengthen the bank's leadership. As of March 31, 2021, WSFS Financial Corporation reported $14.7 billion in assets and $24.7 billion in managed assets, operating across 111 locations in multiple states.
WSFS Bank announced the promotion of Shari Kruzinski to Executive Vice President, Director of Retail Delivery. With over 30 years in banking, Kruzinski has played a pivotal role in retail banking initiatives, especially during the pandemic. She has overseen multiple banking regions and was essential in integrating several banks into WSFS. This appointment aligns with the bank's succession planning and focus on talent development. As of March 31, 2021, WSFS Financial Corporation holds $14.7 billion in assets and operates 111 offices across several states.
On April 22, 2021, over 100 WSFS Bank Associates and their families participated in 'Take Your Children to the Community Day,' volunteering across the Greater Philadelphia and Delaware region. This event, which resumed after being canceled in 2020, aimed to instill the value of community service in children. Activities took place at various local nonprofits, focusing on safe, socially distanced volunteerism. WSFS Bank emphasized its commitment to community service through this initiative, highlighting longstanding partnerships with local organizations.
FAQ
What is the current stock price of WSFS Financial (WSFS)?
What is the market cap of WSFS Financial (WSFS)?
What does WSFS Financial Corp do?
Where is WSFS Financial Corp headquartered?
What is WSFS Financial Corp’s mission?
How many branches does WSFS Bank have?
What services does WSFS Bank offer?
What is Cash Connect?
What does the Wealth Management segment of WSFS do?
What recognition has WSFS Financial Corp received?
How does WSFS Financial Corp generate its revenue?
What is the history of WSFS Financial Corp?
