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 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.
WSFS Bank Study reveals insights into Millennials and Gen Z regarding their financial health. Despite challenges, 65% feel their finances are 'good' or 'excellent,' and 58% believe their generation is more financially stable than previous ones. However, 43% struggle with everyday expenses. The study highlights a financial literacy gap, with only 23% learning finance in school. Major events, including the 2008 crisis and COVID-19, have shaped their outlook, with many showing resilience by increasing savings. The survey included 2,005 respondents aged 18-40, conducted on January 21, 2021.
WSFS Financial Corporation (Nasdaq: WSFS) will participate in the 2021 KBW Virtual Winter Financial Services Symposium on February 10, 2021. Key executives including Rodger Levenson, CEO, and Dominic C. Canuso, CFO, will host the discussion. The Investor Presentation will be available on their website. As of December 31, 2020, WSFS Financial Corporation reported $14.3 billion in assets and $24.2 billion in assets under management. WSFS Bank, established in 1832, operates 112 offices across Pennsylvania, Delaware, New Jersey, Virginia, and Nevada.
WSFS Financial Corporation reported strong 4Q 2020 results, with net income reaching $59.8 million, up from $51.1 million in 3Q and $45.7 million in 4Q 2019. The company achieved an earnings per share (EPS) of $1.20, up from $1.01 in the previous quarter. The return on average assets (ROA) improved to 1.73%, and return on average equity (ROE) to 13.0%. Notably, WSFS repurchased 2.9 million shares, returning $122.4 million to shareholders while maintaining a robust bank common equity tier 1 ratio of 12.50%. These results underscore the company's resilience amidst a challenging economic environment.
WSFS Financial Corporation (Nasdaq: WSFS) announced it will report its fourth quarter earnings on January 25, 2021, after market close. Management will host a conference call on January 26, 2021, at 1:00 p.m. EDT for a review of the results. Interested listeners can join by calling 1-877-312-5857 with conference ID # 7570483. A rebroadcast will be available from 4:00 p.m. EDT on January 26, 2021, until February 6, 2021. As of September 30, 2020, WSFS had $13.8 billion in assets and $23.1 billion in assets under management.
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