WSFS Financial Corp - WSFS STOCK NEWS

WSFS Financial Corporation has successfully closed a public offering of $150 million in Fixed-to-Floating Rate Senior Notes due 2030, with a historically low initial coupon of 2.75%. The Notes will pay interest at a fixed rate until December 2025, after which it will adjust quarterly based on a benchmark rate plus 248.5 basis points. The proceeds will be used for general corporate purposes, including financing growth and repurchasing common stock. WSFS maintains an A- Kroll senior debt rating, reflecting strong investor support and confidence in its growth strategy.

WSFS Bank has appointed William Coffey as the new Senior Vice President and Chief Technology Officer (CTO). Coffey, who brings over 19 years of experience from Vanguard, will lead enterprise technology strategies and enhance the Bank’s infrastructure and application development. His role aims to support WSFS’s growth and modernization initiatives, particularly the Delivery Transformation initiative. As of September 30, 2020, WSFS Financial Corporation reported $13.8 billion in assets and operates 115 offices across multiple states.

WSFS Financial Corporation (Nasdaq:WSFS) has announced a public offering of Fixed-to-Floating Rate Senior Notes totaling $150 million. The Notes will feature a fixed interest rate of 2.75% until December 15, 2025, after which the rate will switch to a floating rate based on Three-Month Term SOFR plus 248.5 basis points. Proceeds will support various corporate purposes including financing growth and stock repurchases. The offering is set to close on December 8, 2020, pending standard conditions.

WSFS Financial Corporation has appointed Nancy J. Foster to its Board of Directors, effective November 23, 2020. Foster, currently President and CEO of The Risk Management Association, brings extensive experience in commercial banking and risk management. She will also serve on the Board's Executive Committee and stand for election at the 2021 Annual Meeting of Stockholders. This appointment reflects WSFS's commitment to board refreshment, aimed at enhancing strategic growth and bringing new perspectives to the leadership team.

WSFS Bank, a subsidiary of WSFS Financial Corporation, has promoted four Associates to Senior Vice President, enhancing its leadership team. The promoted individuals include Alex Lyden-Horn, Robert Matsko, Glen Outten, and Christina Weible, each bringing substantial experience in their respective roles. The company, known for its significant growth, emphasizes investing in talent development and strong community involvement. As of September 30, 2020, WSFS Financial had $13.8 billion in assets and operates 115 offices across multiple states, continuing its legacy as a trusted financial institution since 1832.

WSFS Financial Corporation (Nasdaq: WSFS) will participate in the D.A. Davidson Mid-Atlantic/Midwest Bank Conference on November 17, 2020. Key executives, including Chairman Rodger Levenson and CFO Dominic C. Canuso, will engage in one-on-one meetings with analysts and investors. Additionally, WSFS will present its 3Q 2020 Investor Presentation, available on its website. As of September 30, 2020, WSFS reported $13.8 billion in assets and $23.1 billion in assets under management. Founded in 1832, WSFS Bank is a prominent financial services provider in the Delaware and Philadelphia regions.

WSFS Bank recently conducted a survey revealing that 64% of businesses in the Greater Philadelphia region view COVID-19 resurgence as their biggest challenge. Despite this, 54% report being well-positioned for future growth, with minority-owned businesses particularly optimistic (56% expect revenue increases). Operational changes during the pandemic led to lower costs and efficient marketing for 54% of respondents. However, 53% cited employee health as a major concern, and nearly one-third faced layoffs. Overall, business leaders remain confident, with 89% believing they can withstand further challenges.

WSFS Financial Corporation (Nasdaq: WSFS) will take part in the virtual Piper Sandler East Coast Financial Services Conference on November 9, 2020. Key executives, including Chairman and CEO Rodger Levenson and CFO Dominic C. Canuso, will engage in one-on-one meetings with analysts and investors. Additionally, WSFS plans to present its 3Q 2020 Investor Presentation, accessible on their Investor Relations website. As of September 30, 2020, WSFS reported $13.8 billion in assets and $23.1 billion in assets under management.

WSFS Bank is launching its annual Fall/Winter Food Drive, encouraging donations of nonperishable food items to combat food insecurity exacerbated by the pandemic. The drive runs through December 11 in Pennsylvania and New Jersey, and until December 31 in Delaware, with designated collection points at WSFS banking locations. Over 54 million people are estimated to be food insecure in 2020, with Delaware’s rate at 17.8%. WSFS aims to support local organizations and has previously donated nearly 66,000 pounds of food in 2019.