WSFS FINANCIAL CORP (WSFS)

WSFS Financial Corporation is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of its assets are held by its subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank), a federal savings bank that has operated for more than 192 years and is one of the ten oldest bank and trust companies in the U.S. still using the same name. At December 31, 2024, the company had $20.8 billion in assets and $89.4 billion in assets under management and administration. It describes itself as the oldest and largest locally managed bank and trust company headquartered in the Greater Philadelphia and Delaware region, a relationship-focused community banking and wealth franchise complemented by nationwide businesses, under the mission "We Stand for Service."

The business is reported in three segments. The WSFS Bank segment provides loans, leases, deposits and other financial products to commercial and consumer clients. Its loan and lease portfolio was $12.8 billion, including a $9.9 billion commercial portfolio. It also offers retail securities and insurance brokerage, plus mortgage, title and home equity lending through WSFS Home Lending and WSFS Mortgage. NewLane Finance, a majority-owned subsidiary, originates small business leases and commercial financing nationwide and offers insurance through Prime Protect. Cash Connect provides ATM vault cash, smart safes and cash logistics. It services about 28,600 non-bank ATMs and 10,000 smart safes nationwide, manages about $1.6 billion in cash, and supports 567 owned or branded ATMs for WSFS Bank clients. The Wealth Management segment offers planning and advisory services, investment management, trust services, and credit and deposit products. Its offerings include Bryn Mawr Trust private wealth management, the Powdermill multi-family office, Bryn Mawr Capital Management (a registered investment adviser), The Bryn Mawr Trust Company of Delaware (Delaware advantage trusts), and WSFS Institutional Services (trustee, agency, bankruptcy administration, custody and commercial domicile services).

Clients include small and medium-sized businesses, consumers, affluent and high-net-worth individuals and families, corporate executives, institutions, corporate clients and special purpose vehicles. Cash Connect serves non-bank ATM and smart safe customers nationwide. The company serves clients from 114 offices in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), as well as through its ATM network, website and mobile app. Its core banking markets are Delaware, southeastern Pennsylvania and southern New Jersey.

Operationally, WSFS funds its lending mainly with commercial and consumer deposits, including those gathered through digital platforms. Its investment portfolio is 96% agency mortgage-backed securities and 4% bank-qualified municipal bonds. Cash Connect works through partnerships with large ATM networks, manufacturers and service providers. WSFS competes against larger regional and national banks, positioning itself on local decision-making, personalized service, a broad product suite and sufficient lending capacity. Fee businesses, including banking fees, wealth, trust, Cash Connect and capital markets, account for 32.5% of revenue. The company had 2,309 full-time equivalent associates at year-end 2024, none represented by a collective bargaining unit.