|Over a week ago|
WSFS Financial upgraded to Overweight from Neutral at Piper Sandler » 06:0604/2504/25/22
Piper Sandler analyst…
Piper Sandler analyst Frank Schiraldi upgraded WSFS Financial to Overweight from Neutral with a price target of $51, down from $56. Despite the slow start for growth in Q1, the company's loan pipeline remains strong and its paydowns will slow, Schiraldi tells investors in a research note. The analyst looks at WSFS as a "high quality name, well-positioned for the current environment." He believes the stock presents a good entry point following the recent pullback.
WSFS Financial reports Q1 core EPS 66c, consensus 68c » 16:2904/2104/21/22
Reports Q1 revenue…
Reports Q1 revenue $199.1M, consensus $133.78M. Reports Q1 tangible book value per share $22.99. Reports Q1 CET1 capital ratio 13.93%. Rodger Levenson, chairman, president and CEO, said, "The first quarter of 2022 included a number of significant milestones for the Company, highlighted by the closing of the Bryn Mawr Trust combination on January 1, 2022. In addition, we successfully completed the integration of our banking systems in late March, and launched Bryn Mawr Trust as our prominent Wealth Management brand. We are excited to welcome our newest Customers and Clients as the premier, locally headquartered Bank and Wealth Management franchise in the Greater Philadelphia and Delaware region, with distinct market-capturing advantages, including local market knowledge and decision-making, a full-service product suite, and world class service."
|Over a month ago|
WSFS Bank appoints Kumar as SVP, Head of Corporate Finance » 09:1204/0504/05/22
WSFS Bank, the primary…
WSFS Bank, the primary subsidiary of WSFS Financial, announced Shilpa Kumar as Senior Vice President, SVP, Head of Corporate Finance, reporting to Dominic Canuso, CFA, Executive Vice President and Chief Financial Officer. In her new role, Kumar will lead consolidated business planning and analysis, investor relations, business unit profitability, investment decisioning, and the financial aspects of corporate development. Kumar has nearly 20 years of experience in the banking and financial services industry. Most recently, she served as Head of Financial Planning and Analysis at Citadel Credit Union.
WSFS Bank names twelve associates to senior leadership » 09:1903/1403/14/22
WSFS Bank announces that…
WSFS Bank announces that the following 12 Associates from across the organization have been elevated to Senior Vice President, SVP, positions: Rebecca Acevedo - SVP, Director of Corporate Communications; Laura Almeda - SVP, BSA/OFAC Officer; Patrick Best - SVP, Director of Talent Acquisition; Michelle Burroughs - SVP, Chief Diversity Officer; Dana Di Bruno - SVP, Digital Business Strategy Manager; Matthew Glanden - SVP, Credit Quality & ACL Director; Marylynne Hoffman - SVP, Director of Retail Operations; Nicholas Leati - SVP, NCino Product Owner; Christopher Scarpitti - SVP, Senior Relationship Manager, Middle Market; Scott Sukeena - SVP, Senior Relationship Manager; Phanny Torn - SVP, Director of Loan Production and Fulfillment; and Carolyn Urbanovich - SVP, Regional Manager. "The continued professional development and advancement of these Associates speaks to WSFS' strong culture and focus on building a robust leadership pipeline," said Michael Conklin, Executive Vice President and Chief Human Resources Officer. "These Associates have embraced opportunities to challenge themselves, and are a key part of helping to grow our Company. We congratulate them on this recognition and look forward to their continued contributions to our Customers, Communities and Company."
WSFS Financial names Christine Davis Chief Risk Officer » 16:5003/0303/03/22
WSFS Bank, the primary…
WSFS Bank, the primary subsidiary of WSFS Financial Corporation announced that Christine E. Davis has been named Executive Vice President, Chief Risk Officer, CRO, reporting to Rodger Levenson, WSFS Chairman, President and CEO. In her new role, she will lead all risk management functions including credit administration, credit risk management, enterprise risk management, real estate services, asset recovery, legal, internal audit, loan review and regulatory compliance. Davis will assume the Chief Risk Officer role following Michael Reed's decision to return to his previous role as partner in the financial services and corporate groups at Covington & Burling.
|Over a quarter ago|
WSFS Bank appoints Jim Wechsler as SVP, COO, commercial banking » 09:0402/0102/01/22
WSFS Bank is pleased to…
WSFS Bank is pleased to announce the promotion of three Associates in the Bank's Commercial, Small Business and Retail Lending divisions. The following Associates have been promoted: Jim Wechsler - Senior Vice President, Chief Operating Officer, Commercial Banking; Candice Caruso - Senior Vice President, Chief Retail Lending Officer; Anthony Ryan - Senior Vice President, Director of Retail Lending Strategy and Operations. In his newly-created role as Senior Vice President, Chief Operating Officer, Commercial Banking, Wechsler will lead operations, technology, finance and strategy for the Commercial Banking Division, reporting to Steve Clark, Executive Vice President and Chief Commercial Banking Officer. In addition, Wechsler will continue to oversee NewLane Finance. He joined WSFS in 2010 as a Credit Analyst in Commercial Banking and over the past 11 years, most recently as Senior Vice President, Chief Retail Lending Officer, has held roles leading retail lending, corporate development, fintech partnerships, and corporate strategy for WSFS. Caruso will report to Richard Wright, Executive Vice President and Chief Retail Banking Officer, while Ryan will report to Caruso in her new role. In her new role, Caruso will be responsible for Consumer Lending, Small Business, Government Guaranteed Lending, Community Reinvestment, and the bank's fintech lending relationships. She joined WSFS in 2018 as Senior Vice President, Director of Government Guaranteed Lending and brings more than 20 years of experience in the financial services industry, including 14 years as a business funding expert. In his new role, Ryan is expanding his scope of work to lead all Small Business Operations, Consumer Lending, Retail Loan Servicing and Credit Cards to capitalize on the connection and efficiencies between consumer and small business lending. Previously, he was Senior Vice President, Director of Small Business Banking. Ryan joined WSFS Bank in 2011, bringing with him 30 years of retail and small business banking experience.
WSFS Financial reports Q4 core EPS $1.04, consensus 66c » 16:2001/2401/24/22
Reports Q4 revenue…
Reports Q4 revenue $154.3M, consensus $115.83M. Reports Q4 CET1 capital ratio 15.11%. At December 31, 2021, book value per share was $40.73. Rodger Levenson, chairman, president and CEO, said, "During the quarter we received the final regulatory approval from the Federal Reserve for our acquisition of Bryn Mawr Trust, and on January 1, 2022 we successfully closed our combination. We remain on track to complete our bank branding and systems conversion in late first quarter of 2022. We warmly welcome our new Associates and Customers to WSFS along with Francis J. Leto, Diego F. Calderin and Lynn B. McKee to our Board of Directors."
WSFS Financial estimates litigation settlement to add 23c to Q4 EPS » 16:4601/0601/06/22
WSFS Financial announced…
WSFS Financial announced that it finalized a settlement to resolve litigation against the counterparty to the 2010 stock purchase agreement by which WSFS purchased Christiana Bank & Trust Company. WSFS will receive $15M under the settlement and anticipates a positive earnings per diluted common shares impact of approximately 23c per share during the fourth quarter of 2021. In the litigation, WSFS sought to enforce an indemnity arising from the stock purchase agreement and recover all remaining amounts owed to WSFS relating to the previously disclosed Universitas Education arbitration proceeding. WSFS had entered into a settlement agreement on February 27, 2018 with Universitas to resolve arbitration claims related to services provided by Christiana Trust prior to its acquisition by WSFS in December 2010 by agreeing to pay Universitas $12M to avoid the uncertainties of arbitration and to end the expense of ongoing litigation. Thereafter, WSFS sued the insurance carriers that provided coverage relating to the Universitas matter and reached a settlement to recover approximately $8M during the third quarter of 2018. This $15M settlement payment to resolve the indemnity litigation plus the approximate $8M in recoveries from prior litigated matters have resulted in a complete recovery of the $12M paid to Universitas and all litigation costs incurred by WSFS in the Universitas arbitration and all related lawsuits, including the current litigation, plus an amount allocable to prejudgment interest.
WSFS Financial completes acquisition of Bryn Mawr, announces new board members » 08:1201/0301/03/22
WSFS, BMTC, ARMK
WSFS Financial Corporation (WSFS) completed the acquisition of the Bryn Mawr Bank (BMTC) and its primary subsidiary, The Bryn Mawr Trust Company, as of January 1, 2022. In addition, in accordance with the merger agreement between WSFS and Bryn Mawr, Frank Leto, Lynn McKee, and Diego Calderin are joining the Board of Directors of WSFS and WSFS Bank. Bryn Mawr Trust and WSFS Customer relationships will continue business as usual until the anticipated systems integration and brand conversion in late Q1 2022. Frank Leto served as the President of Bryn Mawr since May 2014, and Chief Executive Officer of Bryn Mawr and Bryn Mawr Trust since January 2015. McKee is Executive Vice President, Human Resources for Aramark (ARMK). Diego Calderin is the co-founder and Managing Partner of Banbury Systems.
WSFS Financial receives all required approvals to acquire Bryn Mawr Bank » 08:3912/2012/20/21
WSFS Financial (WSFS),…
WSFS Financial (WSFS), the parent company of WSFS Bank, and Bryn Mawr Bank (BMTC), the parent company of The Bryn Mawr Trust Company, jointly announced that WSFS has received all required approvals to acquire BMTC, and to merge its primary subsidiary, Bryn Mawr Trust into WSFS Bank. The Board of Governors of the Federal Reserve System approved WSFS' acquisition of BMTC, which is the final required regulatory approval for the proposed combination. With overwhelming approvals from WSFS and BMTC stockholders, and regulatory approvals from the Federal Reserve and WSFS Bank's primary regulator, the Office of the Comptroller of the Currency, WSFS and BMTC expect to close the transaction on January 1, 2022. "We are pleased to have received all required approvals and are looking forward to consummating our combination shortly," said WSFS Chairman, President and Chief Executive Officer Rodger Levenson. "This combination brings together both companies' long history of service for our Customers and Communities to form the premier, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region." BMTC and WSFS will continue to operate separately until systems and brand conversion in late Q1 2022.