WSFS Receives Moody’s Baa2 Issuer Rating with a Positive Outlook; Rating Reinforces Strength of Business Model and Successful Acquisition Integrations

Rhea-AI Summary

Moody’s Investors Service has assigned first-time ratings to WSFS Financial Corporation with an issuer rating of Baa2 and a Positive Outlook. The company received long- and short-term deposit ratings of A2/Prime-1, alongside a Baseline Credit Assessment of Baa1. WSFS, having grown through integrations like Beneficial Bank and Bryn Mawr Trust, anticipates that the Moody’s rating will enhance fee opportunities in its Wealth and Trust segment. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion under management.

Positive

• First-time issuer rating of Baa2 with a Positive Outlook from Moody’s.
• Long- and short-term deposits rated A2/Prime-1, indicating strong financial stability.
• Recognition of diversified business model and solid asset quality performance.
• Expected new fee opportunities in Wealth and Trust segment.

Negative

• None.

WILMINGTON, Del., Oct. 06, 2022 (GLOBE NEWSWIRE) -- Moody’s Investors Service assigned first time ratings to WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS” or “the Company”) with an issuer rating of Baa2 with a Positive Outlook. Long-and short-term deposits of A2/Prime-1, together with a standalone Baseline Credit Assessment of Baa1. Moody’s has also assigned Counterparty Risk Assessment of A3(cr)/Prime-2 and Counterpart Risk Ratings (local and foreign currency) of Baa1/Prime-2. Moody’s debt ratings for WSFS can be accessed here.

“WSFS has grown both organically and through combinations in recent years, including the successful integrations of Beneficial Bank and Bryn Mawr Trust, and given our larger size and scale, it was appropriate to add Moody’s as a Debt Rating Agency. We believe this strong rating recognizes our diversified business model, solid asset quality performance, sound underwriting, and healthy returns. We also expect the Moody’s rating will support new fee opportunities for our Wealth and Trust segment,” said WSFS’ Executive Vice President and Chief Financial Officer, Dominic C. Canuso.

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 headquartered bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of June 30, 2022, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $60.3 billion in assets under management and administration. WSFS operates from 121 offices, 94 of which are banking offices, located in Pennsylvania (62), Delaware (39), New Jersey (18), 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, NewLane Finance^®, Powdermill^® Financial Solutions, West Capital Management^®, WSFS Institutional Services^®, WSFS Mortgage^®, WSFS Wealth^® Investments, and The Bryn Mawr Trust Company of Delaware. 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 ratings did Moody’s assign to WSFS Financial Corporation?

Moody's assigned an issuer rating of Baa2, long- and short-term deposits ratings of A2/Prime-1, and a Baseline Credit Assessment of Baa1.

What does the Positive Outlook from Moody’s indicate for WSFS?

The Positive Outlook suggests potential for further improvements in WSFS's creditworthiness and financial stability.

How has WSFS Financial Corporation grown in recent years?

WSFS has expanded both organically and through strategic acquisitions, including Beneficial Bank and Bryn Mawr Trust.

What is the significance of Moody’s rating for WSFS Financial Corporation?

The Moody’s rating is expected to support new fee opportunities for WSFS's Wealth and Trust segment.

What are the assets managed by WSFS Financial Corporation as of June 30, 2022?

WSFS Financial Corporation had $20.6 billion in assets and $60.3 billion in assets under management.