WSFS Announces First Quarter Call of $30 MillionLegacy Bryn Mawr Trust Subordinated Debt
WILMINGTON, Del., Dec. 19, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ: WSFS), the parent company of WSFS Bank, today announces that on February 15, 2023, it will call the $30 million of fixed-to-floating rate subordinated notes due 2025 (the 2025 Notes) acquired from Bryn Mawr Trust. The 2025 Notes will be repaid using operating cash flows of the Company.
“We are pleased to announce our planned payoff of the 2025 Notes during the first quarter of 2023,” said Dominic C. Canuso, WSFS’ Executive Vice President and Chief Financial Officer. “Our strong capital and liquidity levels position us well to pay off higher funding costs. This payoff is consistent with our balance sheet strategy resulting from our successful combination and integration with Bryn Mawr Trust earlier this year.”
About WSFS Financial Corporation
WSFS Financial Corporation (WSFS) is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in Delaware and the Greater Philadelphia region. As of September 30, 2022, WSFS Financial Corporation had $20.0 billion in assets on its balance sheet and $61.4 billion in assets under management and administration. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), 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, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, Cypress Capital Management, LLC, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, WSFS Institutional 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 continuously operating under the same name. For more information, please visit www.wsfsbank.com.
Investor Relations Contact: Dominic C. Canuso
Media Contact: Rebecca Acevedo