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 (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.
WSFS Financial Corporation and Bryn Mawr Bank Corporation announced a definitive merger agreement valued at approximately $976.4 million. After the merger, WSFS will enhance its market position in the Greater Philadelphia and Delaware region with nearly $20 billion in assets and a $43 billion wealth management business. Bryn Mawr stockholders will receive 0.90 shares of WSFS stock for each share, equating to an implied value of $48.55 per share. WSFS expects annual cost synergies of $73 million and the merger to be accretive to earnings per share in 2022.
WSFS Bank has announced an $850,000 contribution to the Educational Improvement Tax Credit (EITC) and Opportunity Scholarship Tax Credit (OSTC)
The WSFS Mortgage Regional Study reveals that 59% of residents in the Greater Philadelphia and Delaware area find it affordable, with over half considering Philadelphia for future home purchases. The study highlights a significant preference for suburban living, especially among younger generations. However, concerns arise from dwindling inventory, with 69% believing the middle class is being priced out of the market. Confidence in affording a home has decreased by 10% from the previous year, despite a belief in job market improvement. The study surveyed 782 participants, offering insights into shifting residential trends influenced by the pandemic.
Sandra Whalen joins WSFS Institutional Services as Senior VP, Business Development Officer, reporting to Arthur J. Bacci, Executive VP and Chief Wealth Officer. Her focus is on enhancing client relationships and product development. With over 30 years in corporate trust management, Whalen previously held a senior role at Wells Fargo. Bacci expressed enthusiasm over her expertise, expecting her to drive results within the Trust Division.
WSFS Bank, the primary subsidiary of WSFS Financial Corporation, manages $24.2 billion in assets and operates across five states.
WSFS Financial Corporation (Nasdaq: WSFS) announced its inclusion in the S&P SmallCap 600 Index, effective March 1, 2021. This designation reflects the company's strong financial performance and market capitalization. Dominic C. Canuso, CFO, emphasized the importance of this milestone, highlighting it as an affirmation of WSFS's commitment to long-term growth and community service. As of December 31, 2020, WSFS reported $14.3 billion in assets and $24.2 billion in assets under management, operating 112 offices across several states.
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