WSFS CARES Foundation Supports Community Organizations with $200K in Second Quarter Grants

Rhea-AI Summary

The WSFS CARES Foundation, the charitable arm of WSFS Bank (Nasdaq: WSFS), has announced $200,000 in second quarter grants to support two community organizations. Be Ready Community Development Corp. will receive a $200,000 grant over two years to support the Solomon's Court Project, creating 18 affordable rental units and commercial space in Wilmington's West Side. TeenSHARP will receive a $300,000 grant over three years to support their A-List program, which aids high school students in college preparation and career development.

These grants demonstrate WSFS CARES Foundation's commitment to improving local communities through education, leadership development, and affordable housing initiatives. The foundation's continued support has helped these organizations grow significantly, with TeenSHARP expanding from 10 to about 400 students today.

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

• Be Ready Community Development Corp. ($200,000 Grant to be paid over two years)
  Be Ready Community Development Corporation (Be Ready CDC) is a resident-driven community development organization founded in 2003 with the goal to revitalize the Hilltop neighborhood in Wilmington’s West Side. A prior WSFS grant supported phase one of Be Ready CDC’s Solomon’s Court Project to create six affordable units for low-income households, which is now complete. The latest grant will continue supporting the project through the second and final phase, creating 12 additional units for a total of 18 affordable rental units and 5,600 square feet of ground floor commercial space for small businesses. The funding from WSFS helps to complete part of an $11 million project to improve the housing on the West Side of Wilmington.

• TeenSHARP ($300,000 Grant to be paid over three years)
  TeenSHARP is a national nonprofit based in Wilmington, Del. that prepares Black, Latino, and low-income students to attend and thrive at America’s top colleges with little or no debt. The WSFS CARES Foundation has supported TeenSHARP throughout the years, helping the organization grow from just 10 students to about 400 today, and around 500 total high school graduates. The WSFS grant will support the A-List program, which provides high school students assistance as they move to and through college, helping them navigate their professional careers to build leadership and decision-making skills, financial stability, and independence.

“The WSFS CARES Foundation is committed to aiding our local nonprofit partners in every step of their journey to improve the communities we serve. Our continued support of these two organizations emphasizes our shared commitments to improving the daily lives of local residents through education and leadership development, affordable housing accessibility, and more,” said Patrick J. Ward, Executive Vice President, Pennsylvania Market President at WSFS Bank and Chairman of the WSFS CARES Foundation. “We’re proud to provide these multi-year grants to these great organizations to offer stability, enable them to flourish and make a positive impact.”

“My first thought when I saw that we received the WSFS grant was, wow, thank you Lord,” said Pastor Margaret Moon-Taylor, Executive Director of Be Ready CDC. “The funding from WSFS means that the vision for our community, first laid out by Mother Essie D. Lee and Pastor Lottie Lee Davis, is going to become a reality. We can now provide new, affordable housing for families and people with disabilities right here in our neighborhood.”

“The WSFS CARES Foundation continues to show up as a strong supporter of TeenSHARP for more than four years of our 15+ year run of opening the doors to opportunity and dynamic leadership for Black, Latino, and low-income students across the Delaware Valley,” said Tamara Fentress, Chief of Staff at TeenSHARP. “WSFS' initial grant was a springboard to resource deeper application and sustainability of our programming delivery to students in a virtual setting, as well as our staffing. Now, with their continued support, we're excited about what's ahead to grow our A-List (alumni) program, DGCA (Delaware Goes to College Academy), and our premier Striver program experiences.”

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 March 31, 2024, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $80.5 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/20240715217405/en/

Media Contact:

Kyle Babcock

(215) 864-1795

kbabcock@wsfsbank.com

Source: WSFS CARES Foundation

FAQ

What organizations received grants from WSFS CARES Foundation in Q2 2023?

In Q2 2023, WSFS CARES Foundation provided grants to Be Ready Community Development Corp. and TeenSHARP.

How much did WSFS CARES Foundation grant to Be Ready Community Development Corp.?

WSFS CARES Foundation granted $200,000 to Be Ready Community Development Corp., to be paid over two years.

What is the purpose of the grant given to Be Ready Community Development Corp.?

The grant to Be Ready CDC supports the Solomon's Court Project, which aims to create 18 affordable rental units and 5,600 square feet of commercial space in Wilmington's West Side.

How much did WSFS CARES Foundation grant to TeenSHARP?

WSFS CARES Foundation granted $300,000 to TeenSHARP, to be paid over three years.

What program will the TeenSHARP grant from WSFS CARES Foundation support?

The grant to TeenSHARP will support their A-List program, which helps high school students navigate college and professional careers.