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 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.
WSFS Bank announced the expansion of its Commercial Banking team in Greater Philadelphia by adding three new Commercial Lending Relationship Managers: Kimberly Godshall, Duane Lacsamana, and Scott Woll, Jr. Their onboarding is part of WSFS's strategic investment aimed at bolstering economic growth in the region. With a wealth of experience from Wells Fargo, each brings strong expertise in commercial banking and client management.
WSFS Financial Corporation currently manages $13.8 billion in assets and operates 115 offices across multiple states.
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.
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