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.
Moody’s Investors Service reaffirmed WSFS Financial 's issuer rating at Baa2 with a Stable Outlook. The rating highlights WSFS's strong capital, liquidity, credit quality, and diversified business model. Long-term and short-term deposits are rated A2/Prime-1, while the Baseline Credit Assessment stands at Baa1. Additionally, the Counterparty Risk Assessment is A3(cr)/Prime-2(cr) and Counterparty Risk Ratings (local and foreign currency) are Baa1/Prime-2. According to WSFS EVP and Interim CFO Arthur Bacci, these ratings reflect the company's disciplined loan concentration limits, sound underwriting, and robust financial metrics.
WSFS Financial (Nasdaq: WSFS) announced the appointment of Jasmine Yu as Senior Vice President and Chief Investment Officer of Bryn Mawr Capital Management. Yu will lead the Investment Strategy and Solutions team, driving innovation and providing thought leadership. She brings over two decades of experience from notable institutions such as Bank of New York Mellon, Bank of America Merrill Lynch, and Abu Dhabi Investment Council. Yu holds a PhD in Finance and various advanced degrees, emphasizing her expertise in asset allocation and portfolio risk management. This move aims to enhance WSFS's offerings in alternative investments and private markets.
WSFS Financial (Nasdaq: WSFS) has announced significant changes to its executive leadership team to support its next growth phase. David Burg will join as Executive Vice President and Chief Financial Officer on August 15, 2024. Burg brings extensive experience from Citigroup, where he held several senior roles, including Head of Strategy and Execution for Legacy Franchises and CFO for the Latin America region. Concurrently, Arthur J. Bacci will be promoted to Executive Vice President and Chief Operating Officer, overseeing diverse business lines and functions. Jamie P. Hopkins, with WSFS since October 2023, will take over Bacci's previous role as Executive Vice President and Chief Wealth Officer, leading the Wealth Management segment.
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