WSFS Announces First Quarter Call of $30 Million Legacy Bryn Mawr Trust Subordinated Debt

Rhea-AI Summary

WSFS Financial Corporation (NASDAQ: WSFS) announced the planned call of $30 million in subordinated notes due 2025 on February 15, 2023. The repayment will utilize operating cash flows, reflecting the company's strong capital and liquidity levels.

CFO Dominic C. Canuso emphasized that this move aligns with their balance sheet strategy following the successful integration with Bryn Mawr Trust. As of September 30, 2022, WSFS reported $20 billion in assets and $61.4 billion in assets under management, with a significant presence in the Greater Philadelphia region.

Positive

• Strong capital and liquidity levels allow for the payoff of higher funding costs.
• The planned payoff aligns with the company's balance sheet strategy post-integration with Bryn Mawr Trust.

Negative

• None.

WILMINGTON, Del., Dec. 19, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ: WSFS), the parent company of WSFS Bank, today announces that on February 15, 2023, it will call the $30 million of fixed-to-floating rate subordinated notes due 2025 (the 2025 Notes) acquired from Bryn Mawr Trust. The 2025 Notes will be repaid using operating cash flows of the Company.

“We are pleased to announce our planned payoff of the 2025 Notes during the first quarter of 2023,” said Dominic C. Canuso, WSFS' Executive Vice President and Chief Financial Officer. “Our strong capital and liquidity levels position us well to pay off higher funding costs. This payoff is consistent with our balance sheet strategy resulting from our successful combination and integration with Bryn Mawr Trust earlier this year.”

About WSFS Financial Corporation
WSFS Financial Corporation (WSFS) is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in Delaware and the Greater Philadelphia region. As of September 30, 2022, WSFS Financial Corporation had $20.0 billion in assets on its balance sheet and $61.4 billion in assets under management and administration. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), 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, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, Cypress Capital Management, LLC, 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

FAQ

When will WSFS Financial Corporation call the subordinated notes?

WSFS Financial Corporation will call the $30 million subordinated notes on February 15, 2023.

How much is WSFS planning to repay in subordinated notes?

WSFS is planning to repay $30 million in subordinated notes due 2025.

What financial position does WSFS Financial Corporation hold?

As of September 30, 2022, WSFS had $20.0 billion in assets and $61.4 billion in assets under management.

Who commented on the repayment of the 2025 Notes?

CFO Dominic C. Canuso commented on the repayment of the 2025 Notes.

What financial activities is WSFS undertaking in early 2023?

WSFS is initiating the payoff of $30 million in subordinated notes during the first quarter of 2023.