WSFS CARES Foundation Provides More Than $185K in First Quarter Grants to Community Organizations

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WSFS Bank's charitable arm, WSFS CARES Foundation, provides grants to five organizations to support economic development, education, financial services, community development, and neighborhood revitalization. The grants aim to promote diversity, inclusion, and community empowerment.

WILMINGTON, Del.--(BUSINESS WIRE)-- The WSFS CARES Foundation, the charitable giving arm of WSFS Bank (Nasdaq: WSFS), announced it has provided grants to five organizations as part of its continuing series of philanthropic activities by WSFS and the Foundation. The grants, approved in the first quarter by the WSFS CARES Foundation board, will support the following organizations:

• Delaware Prosperity Partnership ($150,000 Grant to be paid over three years)
  Delaware Prosperity Partnership (DPP) is the nonprofit state economic development agency leading Delaware’s economic development efforts to attract, grow and retain businesses, build a stronger entrepreneurial and innovation ecosystem, and to support employers in identifying, recruiting and developing talent in Delaware. The WSFS grant will support key programs promoting Delaware’s economy throughout 2024-2026.
• Distance Learning Center ($55,000 Grant)
  The Distance Learning Center (DLC), located in Philadelphia, is a nonprofit with a mission to increase the number of underrepresented minorities in science, technology, engineering, math and medicine (STEMM). The WSFS grant will support the STEMMPREP Project to help provide 10 scholarships for disadvantaged and underserved minority junior high school student trainees for phase one of a ten-year training pipeline.
• FinServ Foundation ($78,000 Grant to be paid over three years)
  The FinServ Foundation is a nationwide nonprofit focused on building a more inclusive, representative and vibrant financial services profession by working directly with colleges and universities to support the next generation of skilled professionals. The WSFS grant will support Delaware State University and Temple University students to join FinServ for a two-year program that includes six months of mentorship, 24 hours of coaching and education and access to a financial services industry conference.
• New Jersey Community Capital ($25,000 Grant)
  New Jersey Community Capital is a nonprofit community development financial institution (CDFI) providing an innovative toolkit of financial products, programs and services to advance equity and opportunity in the communities it serves. The WSFS grant will enable the organization to deploy loan capital and strategic investments to borrowers for acquisition, construction and permanent financing of community development projects, directly benefitting low-to-moderate income families and communities.
• Wilmington Neighborhood Conservancy Land Bank ($100,000 Grant to be paid over three years)
  The Wilmington Neighborhood Conservancy Land Bank (WNCLB) works to return vacant, dilapidated, abandoned and delinquent properties back to productive use, while strengthening and revitalizing its neighborhoods and inspiring economic development. The WSFS grant will allow work to begin on the rehabilitation of 10 additional units for homeownership and for the acquisition of 18 strategic properties in private ownership.

“The mission of the WSFS CARES Foundation is to support nonprofits that are invested in improving communities and fostering a spirit of inclusion and diversity,” said Patrick J. Ward, Executive Vice President, Pennsylvania Market President at WSFS Bank and Chairman of the WSFS CARES Foundation. “We’re proud to support each of these great organizations, which share our focus on investing in and strengthening their communities through revitalization, business economic empowerment, education, leadership development and affordable housing.”

“Delaware Prosperity Partnership is grateful to the WSFS CARES Foundation for investing in our efforts to attract, grow and retain businesses throughout Delaware,” said Kurt Foreman, DPP President and CEO. “This grant will help support DPP’s Global Advisors Program, which furthers our efforts to promote Delaware as a first-choice location for foreign direct investment by European, Asian and other international companies seeking to expand to the United States. WSFS was one of our founding investors, and we thank them for their continued investment in DPP. With such support, we are able to maintain our momentum and impact on Delaware’s economy as we work to advance prosperity for all those living and working in Delaware.”

“The WSFS CARES Foundation is providing a 2024 grant to the Distance Learning Center's STEMMPREP Project, a longitudinal developmental paradigm, which utilizes a multi-institutional mentorship approach that rotates underrepresented minority participants through a 10-summer basic science lab internship ‘continuum’ at research universities in the U.S. and Canada,” said Dr. Moses Williams, Executive Director and Founder, The Distance Learning Center. “The WSFS grant will support economically disadvantaged high school trainees who cannot afford to cover the cost of attendance to the summer lab internship.”

“The FinServ Foundation, for the past four years, has made monumental strides in exposing, educating and empowering the next generation to seek careers in the financial services industry,” said Dr. David Rhoiney, Board Member, FinServ Foundation. “The foundation's board is all volunteers who believe in changing the industry for good. That altruism is reflected in the organization's mission, and as a result, the FinServ Foundation has shown itself to be a bright spot in an industry which is ever evolving. We are excited to partner with the WSFS CARES Foundation to support local schools like Delaware State University and future professionals in the PA, NJ and DE area.”

“We are grateful for the generous grant from the WSFS CARES Foundation and the impact it will have across our region,” said Bernel Hall, President and CEO of New Jersey Community Capital. “This investment will help NJCC continue to foster an equitable path to building wealth that will strengthen neighborhoods in traditionally underserved communities.”

“The Wilmington Land Bank is proud to join forces with WSFS Bank in the transformative revitalization of the Lower Hilltop neighborhood,” said Rick Gessner, Board President, Wilmington Land Bank. “This once-neglected community has experienced significant investment in the past two years, and with the generous support of WSFS, we will continue this important work. Over the next three years, our collaboration will assist in the rehabilitation of 10 units for affordable homeownership and the strategic acquisition of 18 privately-owned properties. We are grateful to WSFS for their investment in the revitalization of this Wilmington, Delaware community.”

About the WSFS CARES Foundation
The WSFS CARES Foundation brings WSFS’ mission of We Stand for Service® to life across the communities we serve. The mission of the WSFS CARES Foundation is to support qualified nonprofit service organizations within our regional footprint that are invested in improving communities, fostering a spirit of inclusion and diversity, and whose focus aligns with the WSFS CARES Foundation’s transformational vision. For more information, please visit https://www.wsfsbank.com/about/community/the-wsfs-cares-foundation/.

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, 2023, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $84.3 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240327793964/en/

Kyle Babcock

(215) 864-1795

kbabcock@wsfsbank.com

Source: WSFS CARES Foundation

FAQ

What is the WSFS CARES Foundation's mission?

The WSFS CARES Foundation aims to support nonprofits dedicated to improving communities, fostering inclusion, and diversity.

What organizations received grants from the WSFS CARES Foundation?

Delaware Prosperity Partnership, Distance Learning Center, FinServ Foundation, New Jersey Community Capital, and Wilmington Neighborhood Conservancy Land Bank received grants.

What is the purpose of the grant to Delaware Prosperity Partnership?

The grant aims to support key programs promoting Delaware's economy throughout 2024-2026.

How will the grant to the Distance Learning Center be utilized?

The grant will support the STEMMPREP Project to provide scholarships for underrepresented minority junior high school students in STEM fields.

What is the focus of the FinServ Foundation?

The FinServ Foundation focuses on building a more inclusive, representative, and vibrant financial services profession by supporting the next generation of skilled professionals.

What does the grant to New Jersey Community Capital enable?

The grant enables the organization to deploy loan capital and strategic investments for community development projects benefiting low-to-moderate income families.

What is the goal of the Wilmington Neighborhood Conservancy Land Bank grant?

The grant aims to rehabilitate properties for homeownership and acquire strategic properties to revitalize neighborhoods.