Photo Release -- WSFS Completes Conversion of Bryn Mawr Trust into WSFS Bank; Launches Bryn Mawr Trust as the Prominent Wealth Management Brand

Rhea-AI Summary

WSFS Financial Corporation (NASDAQ: WSFS) has successfully completed the brand conversion and systems integration of Bryn Mawr Trust into WSFS Bank, enhancing banking services for former Bryn Mawr clients. All bank accounts have transitioned to WSFS, providing access to 94 retail locations and over 600 ATMs. As part of a consolidation plan, 34 offices have closed to streamline operations. WSFS maintains approximately $20 billion in assets and aims to leverage local expertise in wealth management with around $58 billion in assets under management.

Positive

• Successful brand conversion of Bryn Mawr Trust to WSFS Bank enhances customer access to banking services.
• Consolidation of 34 offices optimizes operational efficiency.
• WSFS boasts approximately $20 billion in assets, solidifying its status in the Greater Philadelphia area.

Negative

• Closure of 34 offices may lead to reduced customer convenience in certain areas.
• Potential future closures of six additional locations could affect service availability.

WILMINGTON, Del., March 22, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS”) has completed the brand conversion and systems integration of Bryn Mawr Trust into its primary subsidiary, WSFS Bank.

All Bryn Mawr Trust banking accounts have successfully converted to WSFS Bank accounts. All legacy Bryn Mawr Trust Clients, now WSFS Bank Customers, have full access to WSFS Bank products and services, including 94 Retail banking offices and more than 600 ATMs across the Greater Philadelphia and Delaware region.

WSFS continued its previously announced Retail banking office optimization plan to consolidate 30 percent of the combined WSFS and Bryn Mawr Trust banking locations. WSFS consolidated 34 offices, including 22 Bryn Mawr Trust and 12 WSFS locations as part of the combination due to geographic overlap and opportunities to optimize within the network. Six additional locations will be closed in the future.

“We’re excited to welcome our newest Customers from Bryn Mawr Trust to WSFS,” said Rodger Levenson, Chairman, President and CEO of WSFS. “Our combined 330 years of history serving Customers positions us as the premier, locally headquartered bank and wealth management franchise in the area with distinct market-capturing advantages, including local market knowledge, local decision-making, and a full-service product suite. Our balance sheet, with approximately $20 billion in assets, solidifies our position as the largest locally-headquartered bank in the Greater Philadelphia and Delaware region and our Wealth Management division, with approximately $58 billion in assets under administration and management, is a preeminent wealth management business.”

“When our combination was first announced, we shared that Bryn Mawr Trust would be the prominent brand within our Wealth Management division. We’re excited to introduce the new Bryn Mawr Trust brand, which brings together the equity in the Bryn Mawr Trust name and a distinct connection to WSFS,” adds Levenson.

Legacy Bryn Mawr Trust Wealth Management Clients will continue to be served by the same professionals from Bryn Mawr Trust. The Wealth group’s integration of WSFS and Bryn Mawr Trust will take place throughout 2022.

The successful combination is WSFS’ ninth acquisition since 2010, including traditional banks and other fee-based companies.

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

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/e5aae68a-5374-4dad-bd64-b7eea567785b

https://www.globenewswire.com/NewsRoom/AttachmentNg/b1e82ae5-72a1-45ed-a6c4-ad1491f92e95

https://www.globenewswire.com/NewsRoom/AttachmentNg/5a9d56d9-5839-4855-834a-9596e812d1b5

FAQ

What is the recent update from WSFS Financial regarding Bryn Mawr Trust?

WSFS Financial has completed the brand conversion and systems integration of Bryn Mawr Trust into WSFS Bank, allowing former customers access to WSFS services.

How many offices did WSFS consolidate after the acquisition of Bryn Mawr Trust?

WSFS consolidated 34 offices, including 22 from Bryn Mawr Trust and 12 from WSFS.

What is the asset size of WSFS Financial Corporation after the integration of Bryn Mawr Trust?

After the integration, WSFS Financial Corporation has approximately $20 billion in assets.

What services does WSFS Bank offer to former Bryn Mawr Trust clients?

Former Bryn Mawr Trust clients now have access to WSFS Bank's full suite of products and services.

What is the future plan for the wealth management division of WSFS?

The integration of WSFS and Bryn Mawr Trust's wealth management divisions will take place throughout 2022.