WILMINGTON, Del., August 09, 2024–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) has affirmed the senior unsecured credit rating of A- for WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS” or “The Company”). KBRA also affirmed WSFS’ low credit rating of BBB+ and short-term credit rating of K2. WSFS Bank, the Company’s primary subsidiary, also received strong credit ratings, including an A rating for large unsecured liabilities and deposits, a subprime credit rating of A-, and short-term debt. and K1 deposit notes. KBRA’s credit status report for WSFS can be found here.
“For nine consecutive years, WSFS has received a strong Investment Grade credit rating from KBRA. The ratings reflect the value of our diversified business models, which include high interest income as well as high income and capital. position us to better serve our customers and markets,” said WSFS Executive Vice President and Interim Chief Financial Officer, Arthur Bacci.
KBRA also noted that the values ​​are supported by WSFS’s significant and stable income derived from various business models, especially its first division of wealth and trust, which KBRA considers a potential candidate. in the title and the main driver of the high level of the Company’s values. In addition, KBRA has observed significant growth for Cash Connect, WSFS Bank’s services and payments division, over the years as the Company has gained market share as competitors have exited the area, which remains become a large part of the gross income. Good interest income trends and maintenance of healthy NIM due to WSFS’s low deposit beta and balanced loan portfolio with respect to fixed interest rate structures resulting in solid loan yields, has produced strong profits in recent years. as well as in history. Another important factor in the ratings is WSFS’s good financial position and strong market position, with the largest deposit market share among local banks. KBRA also acknowledged WSFS markets are demographically sound and economically diverse, providing some stability in times of stress; its historical asset value metrics are generally solid, supported by clear underwriting and credit management; and its diversified credit portfolio.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Under its parent, WSFS Bank, it is the oldest and largest locally headquartered bank in the Greater Philadelphia and Delaware area. As of June 30, 2024, WSFS Financial Corporation had $20.7 billion in assets on its balance sheet and $84.9 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are bank offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and offers a full range of financial services. including commercial banking, consumer banking, asset management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust.®Bryn Mawr Trust Company of Delaware, Cash Connect®NewLane Finance®Powdermill® Financial Solutions, WSFS Center 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 that continue to operate under one name. For more information, please visit www.wsfsbank.com.
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Names
Investor Relations:
Andrew Basile
(302) 504-9857
abasile@wsfsbank.com
Media:
Kyle Babcock
(215) 864-1795
kbabcock@wsfsbank.com
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