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 reported its second-quarter 2020 financial results, showing a net loss of $7.1 million and significant provision for credit losses of $94.8 million due to COVID-19 impacts. Net interest income decreased to $113.8 million, down from $123.2 million YoY, while total net revenue was $178.1 million. The Common Equity Tier 1 Ratio remained strong at 12.68%. The bank provided nearly $1 billion in PPP loans supporting about 100,000 jobs. Despite challenges, WSFS was recognized as a top bank by Forbes, reflecting customer satisfaction.
WSFS Financial Corporation (Nasdaq: WSFS) will announce its second quarter earnings on July 23, 2020, at the end of business day. A conference call will follow at 1:00 p.m. EDT on July 24, 2020, for management to discuss the results. Interested parties can join by calling 1-877-312-5857 using conference ID #3954236. A rebroadcast of the call will be available until August 4, 2020. As of March 31, 2020, WSFS Financial had $12.3 billion in assets and $21.1 billion in assets under management, operating 116 offices across multiple states.
WSFS Bank, a subsidiary of WSFS Financial Corporation, announced the promotion of 10 Associates to Senior Vice President (SVP) on June 29, 2020. These promotions recognize significant contributions to the company's success. The new SVPs include leaders in various capacities, such as Performance Management, Government Guaranteed Lending, and Retail Lending. Executive VP Peggy Eddens emphasized the importance of building senior leadership to support succession planning and strengthen community ties. As of March 31, 2020, WSFS Financial had $12.3 billion in assets and operates 116 offices.
WSFS Bank has announced a $200,000 donation to assist local small businesses affected by the pandemic. The funds will go through local community development financial institutions (CDFIs) and will aid businesses with annual revenues under $500,000 that have faced negative impacts from COVID-19. Additionally, WSFS managed over 5,000 Paycheck Protection Program loans totaling nearly $1 billion, supporting approximately 100,000 employees in the region. The WSFS Community Foundation has also previously provided $300,000 in grants to nonprofits battling COVID-19.
WSFS Bank, a subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), announced the promotion of Jim Wechsler to Senior Vice President and Chief Retail Lending Officer, effective immediately. Wechsler will oversee various lending sectors, including consumer and small business lending, replacing retiring Glenn Kocher. With over a decade at WSFS, Wechsler has played a pivotal role in acquisitions and strategic initiatives. WSFS Financial Corporation boasts $12.3 billion in assets and operates 116 offices across several states, providing comprehensive financial services since 1832.
WSFS Mortgage's regional study reveals that 56% of Delaware and Greater Philadelphia residents are interested in buying a home this summer and fall despite fears associated with the process. Conducted with 1,007 respondents, the study highlights that while 83% feel confident about mortgage acquisition, anxiety persists, particularly among young Millennials and Gen Z, with 86% experiencing some level of stress. The impact of COVID-19 has shifted buyer confidence as 64% reported changes to their homebuying plans. Notably, personalized service is preferred over online platforms, with 85% wanting a personal guide through the mortgage process.
The WSFS Mortgage Regional Study reveals that 56% of Delaware and Greater Philadelphia residents are interested in buying a home this summer and fall despite anxiety regarding the process. Conducted with 1,007 participants, the study highlights that 83% feel knowledgeable about mortgages, yet 86% express anxiety, particularly about finding the right home and financing. COVID-19 has impacted 64% of respondents' plans, but 75% cite low interest rates as a driving factor for purchases. The preference for personalized services over online options is noted, especially among younger generations.
WSFS Bank has been recognized on Forbes’ World’s Best Banks list, ranking 21st in the U.S. This marks the first time WSFS has made this global list. The ranking is based on a survey of over 40,000 banking customers regarding their satisfaction with banks, including attributes like trust, fees, and digital services. WSFS Bank has a robust presence in the Greater Philadelphia and Delaware region, boasting $12.3 billion in assets and $21.1 billion in assets under management as of March 31, 2020. The Bank continues to emphasize its commitment to local customer service.
WSFS Financial Corporation will participate in the Boenning & Scattergood Virtual Community Bank Conference on June 10, 2020. The event features Rodger Levenson, Chairman and CEO, presenting at 2:00 p.m. EDT, followed by a Q&A session with key executives. WSFS will showcase its 1Q 2020 Investor Presentation, available on its website. As of March 31, 2020, WSFS had $12.3 billion in assets and $21.1 billion under management. Operating from 116 offices, WSFS Bank provides various financial services, serving the Delaware Valley since 1832.
FAQ
What is the current stock price of WSFS Financial (WSFS)?
What is the market cap of WSFS Financial (WSFS)?
What does WSFS Financial Corp do?
Where is WSFS Financial Corp headquartered?
What is WSFS Financial Corp’s mission?
How many branches does WSFS Bank have?
What services does WSFS Bank offer?
What is Cash Connect?
What does the Wealth Management segment of WSFS do?
What recognition has WSFS Financial Corp received?
How does WSFS Financial Corp generate its revenue?
What is the history of WSFS Financial Corp?
