WSFS Financial Corporation’s A- Senior Debt Rating Reaffirmed by KBRA

Rhea-AI Summary

Kroll Bond Rating Agency has reaffirmed WSFS Financial Corporation's (NASDAQ: WSFS) credit ratings, maintaining a senior debt rating of A-, subordinated debt rating of BBB+, and a short-term debt rating of K2. WSFS Bank also earned high ratings, including A ratings for senior unsecured debt and deposits. The reaffirmation reflects the company's strong balance sheet and diversified fee-based solutions, especially in wealth management. As of June 30, 2020, WSFS had $13.6 billion in assets and $20.8 billion in assets under management, with a well-positioned market presence.

Positive

• Reaffirmation of senior debt rating at A- indicates strong creditworthiness.
• Subordinated debt rating of BBB+ and K2 short-term debt rating support financial stability.
• Robust balance sheet with $13.6 billion in assets enhances investor confidence.
• Diversified fee base particularly from wealth management positions WSFS favorably against peers.

Negative

• None.

WILMINGTON, Del., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Kroll Bond Rating Agency (KBRA) has reaffirmed the senior debt rating of A- for WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS” or “the Company”). KBRA also reaffirmed WSFS’ subordinated debt rating of BBB+ and a short-term debt rating of K2. WSFS Bank, the Company’s main subsidiary, received strong credit ratings as well, including A ratings for senior unsecured debt and deposit, a subordinated debt rating of A-, and the short-term debt and deposit ratings of K1. KBRA’s debt ratings for WSFS can be accessed here: https://documents.krollbondratings.com/press-release/27220/kbra-affirms-ratings-for-wsfs-financial-corporation.

“This fifth consecutive strong debt rating reflects the continued success of our disciplined model, melding community banking with diversified local and national fee-based financial solutions that create deeper relationships with our Customers,” said WSFS’ Executive Vice President and Chief Financial Officer Dominic C. Canuso. “This rating also reaffirms the strengths of our balance sheet, capital and diversified business model that position us well as the largest locally headquartered bank in the Greater Philadelphia and Delaware region, and as the economy continues to reopen.”

KBRA also noted the ratings are supported by WSFS’ sizable and stable fee base derived from its diversified business segments, particularly wealth management, which KBRA views as a key differentiator among its peers and the primary driver of the company’s high ratings profile. Also supporting the ratings is the company’s favorable core funding profile and reasonably strong market positioning. WSFS’ seasoned management team, generally long tenured, has deep ties to the market and has exhibited its ability to execute upon strategic initiatives as demonstrated by incremental improvement in core operating profitability.

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 June 30, 2020, WSFS Financial Corporation had $13.6 billion in assets on its balance sheet and $20.8 billion in assets under management and administration. WSFS operates from 115 offices, 90 of which are banking offices, located in Pennsylvania (54), Delaware (43), 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 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.

Media Contact:

Rebecca Acevedo (215) 253-5566 racevedo@wsfsbank.com

FAQ

What are the latest credit ratings for WSFS Financial Corporation?

Kroll Bond Rating Agency reaffirmed WSFS's senior debt rating at A-, subordinated debt rating at BBB+, and short-term debt rating at K2.

How does WSFS Financial Corporation's wealth management segment impact its ratings?

WSFS's wealth management segment is a key differentiator, contributing to its strong credit ratings due to a sizable and stable fee base.

What is the total asset value of WSFS Financial Corporation as of June 30, 2020?

As of June 30, 2020, WSFS Financial Corporation reported total assets of $13.6 billion.

What are the implications of the reaffirmed ratings for WSFS shareholders?

The reaffirmed ratings suggest solid financial health and lower risk, potentially enhancing shareholder value.