Photo Release -- WSFS Announces Combination of Christiana Trust Company of Delaware and The Bryn Mawr Trust Company of Delaware Wealth Management Franchises

Rhea-AI Summary

WSFS Financial Corporation announced the successful merger of Christiana Trust Company of Delaware and The Bryn Mawr Trust Company of Delaware, effective April 1, 2022. The combined entity will operate under The Bryn Mawr Trust Company of Delaware name, highlighting its legacy in wealth management. Robert W. Eaddy will continue as President. This merger aims to enhance service offerings for high-net-worth clients, providing innovative solutions in a business-friendly state. WSFS Financial Corporation has significant assets, with $15.8 billion on its balance sheet and $34.6 billion in assets under management.

Positive

• Successful merger enhances service offerings and client initiatives.
• Retaining a strong leadership team with Robert W. Eaddy as President.
• Significant assets: $15.8 billion total assets and $34.6 billion under management.

Negative

• None.

WILMINGTON, Del., April 04, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS”) today announced it has completed the merger of Christiana Trust Company of Delaware and The Bryn Mawr Trust Company of Delaware, effective April 1, 2022.

The combined organization will retain The Bryn Mawr Trust Company of Delaware name, sustaining its legacy of trust and wealth management services of the Bryn Mawr Trust brand, which was previously announced as the prominent brand within the WSFS Wealth Management franchise following the combination of parent companies WSFS Financial Corporation and The Bryn Mawr Bank Corporation. WSFS and Bryn Mawr Trust have strong roots in Delaware and the Greater Philadelphia region, with histories dating back to 1832 and 1889, respectively.

Robert W. Eaddy, who has led The Bryn Mawr Trust Company of Delaware since 2010, will remain in his role leading the combined company as its President.

“Our combined companies will lead to meaningful new initiatives that can help keep our Clients at the forefront of new opportunities in today’s fast-changing markets,” says Arthur Bacci, Executive Vice President and Chief Wealth Officer. “Delaware is one of the most business and tax friendly states in the U.S. Under Bob’s leadership, our newly combined trust teams will continue to innovate and support advisors by providing best-in-class service and solutions for high-net-worth individuals and families, businesses, alternative business and special purpose entities offering specialized trusts in both Delaware and Nevada as well as our national bank charter.”

About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of December 31, 2021, WSFS Financial Corporation had $15.8 billion in assets on its balance sheet and $34.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect^®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware^®, NewLane Finance^®, Powdermill^® Financial Solutions, West Capital Management^®, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com. 

Investor Relations Contact: Dominic C. Canuso

(302) 571-6833

dcanuso@wsfsbank.com

Media Contact: Rebecca Acevedo

(215) 253-5566

racevedo@wsfsbank.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50152628-8c97-49fb-9be9-75f1aff99cc2

FAQ

What is the recent merger announced by WSFS Financial Corporation?

WSFS Financial Corporation announced the merger of Christiana Trust Company of Delaware and The Bryn Mawr Trust Company of Delaware, effective April 1, 2022.

Who will lead the newly merged trust company of WSFS?

Robert W. Eaddy will remain President of The Bryn Mawr Trust Company of Delaware after the merger.

What is the significance of the merger for WSFS Financial Corporation?

The merger aims to enhance service offerings for high-net-worth clients and drive new initiatives in a business-friendly environment.

What are the assets of WSFS Financial Corporation as of 2022?

As of December 31, 2021, WSFS Financial Corporation reported $15.8 billion in assets and $34.6 billion in assets under management.

When did WSFS Financial Corporation complete the merger of Christiana Trust Company?

The merger was completed on April 1, 2022.