WSFS Announced First-Quarter Call of $70 Million Legacy Bryn Mawr Trust Subordinated Debt
Rhea-AI Impact
(No impact)
Rhea-AI Sentiment
(Neutral)
Tags
WILMINGTON, Del.--(BUSINESS WIRE)--
WSFS Financial Corporation (NASDAQ: WSFS), the parent company of WSFS Bank, announced today that it has called the $70 million of fixed-to-floating rate subordinated notes due 2027 (the 2027 Notes) acquired from Bryn Mawr Trust. The 2027 Notes were repaid using operating cash flows of the Company.
“We are pleased to announce our payoff of the 2027 Notes,” said David Burg, WSFS' Executive Vice President and Chief Financial Officer. “Our strong capital and liquidity levels have positioned us well to pay off liabilities with higher funding costs. This payoff is consistent with our balance sheet strategy of optimizing debt and collateral.”
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of December 31, 2024, WSFS Financial Corporation had $20.8 billion in assets on its balance sheet and $89.4 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, 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.
An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.