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.
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.
WSFS Financial Corporation (Nasdaq: WSFS) reported strong financial results for Q1 2021. Net income attributable to WSFS reached $65.1 million, up from $10.9 million YoY, with diluted EPS of $1.36. Total net revenue was $162 million. The company released $24 million from its allowance for credit losses, reflecting improved credit quality. Core fee revenue grew 20% year-over-year to $47.5 million. An 8% increase in the quarterly cash dividend to $0.13 per share was announced, payable on May 21, 2021.
WSFS Financial Corporation (Nasdaq: WSFS) announced it will report its first quarter earnings on April 22, 2021, followed by a conference call at 1:00 p.m. EDT on April 23, 2021. Interested individuals can join the call by dialing 1-877-312-5857 and using conference ID # 4169716. A rebroadcast will be available from April 23 to May 4, 2021. As of December 31, 2020, WSFS Financial had $14.3 billion in assets and $24.2 billion in assets under management, operating 112 offices across multiple states.
WSFS Financial Corporation has announced the opening of its new banking office in Media, PA. The Granite Run office features modern banking pods aimed at enhancing customer service. Located strategically on the Route 1 corridor, this new office extends WSFS's presence in Delaware County. The office operates six days a week, providing comprehensive banking services to local communities. As of December 31, 2020, WSFS Financial Corporation holds $14.3 billion in assets, with 112 offices across multiple states.
Kroll Bond Rating Agency (KBRA) has affirmed the ratings of WSFS Financial Corporation (NASDAQ: WSFS) following its announced merger with Bryn Mawr Bank Corporation (NASDAQ: BMTC). KBRA described the merger as a strategically sound scale play, enhancing WSFS's market position. WSFS will have the highest deposit market share among regional banks in the Philadelphia area post-merger. The affirmation includes strong ratings for both WSFS and Bryn Mawr. The acquisition is set to close in Q4 2021, with a stable outlook for both companies.
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