WILMINGTON, Del., Aug. 25, 2022 (GLOBE NEWSWIRE) — Kroll Bond Rating Agency (KBRA) has reaffirmed the senior unsecured debt rating of A- for WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS” or “the society “). KBRA also reaffirmed WSFS’s subordinated debt rating of BBB+ and a short-term debt rating of K2. WSFS Bank, the Company’s principal subsidiary, has also received strong credit ratings, including A ratings for senior unsecured debt and deposits, a subordinated debt rating of A- and debt and deposit ratings of short term of K1. KBRA’s debt ratings for WSFS can be accessed here.
“For the seventh consecutive year, WSFS has received a strong debt rating. The rating reflects the strength of our diversified business model, our successful integration of Bryn Mawr Trust, our track record of organic and inorganic profitable growth and the continued execution of our regional and national franchise banking strategies,” said Vice. -executive chairman of WSFS. President and Chief Financial Officer Dominic C. Canuso.
KBRA also noted that the ratings are underpinned by WSFS’s large and stable fee base derived from diversified business operations, particularly its core wealth management franchise, which KBRA views as a key differentiator and main driver of the company’s profile. high rating of the company. WSFS’s favorable core funding profile and strong market position are also key to ratings, with the largest deposit market share in the Philadelphia-Camden-Wilmington MSA among headquartered institutions, bolstered through the acquisition of Bryn Mawr Bank Corporation. KBRA also recognized WSFS’ successful track record in M&A and has a favorable view of franchise development in Philadelphia and adjacent markets given recent M&A activity.
About WSFS Financial Company
WSFS Financial
Corporation is a multi-billion dollar financial services company. Its
main subsidiary, WSFS Bank, is the oldest and largest bank and trust
company headquartered in Delaware and the Greater Philadelphia area. 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 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®powder
mill® 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,
visit www.wsfsbank.com.
Media Contact: Rebecca Acevedo
(215) 253-5566
[email protected]
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