Photo Release — WSFS Completes Bryn Mawr Conversion
WILMINGTON, Delaware, March 22, 2022 (GLOBE NEWSWIRE) — WSFS Financial Corporation (NASDAQ: WSFS) (“WSFS”) has completed the rebranding and systems integration of Bryn Mawr Trust into its primary subsidiary, WSFS Bank .
All Bryn Mawr Trust bank accounts have been successfully converted to WSFS bank accounts. All former Bryn Mawr Trust customers, now WSFS Bank customers, have full access to WSFS Bank products and services, including 94 retail banking offices and over 600 ATMs in the Greater Philadelphia and Delaware area .
WSFS continued with its previously announced retail banking office optimization plan to consolidate 30% of the combined banking sites of WSFS and Bryn Mawr Trust. WSFS consolidated 34 offices, including 22 Bryn Mawr Trust and 12 WSFS sites as part of the combination due to geographic overlap and optimization opportunities within the network. Six additional locations will be closed in the future.
“We are delighted to welcome our new clients from Bryn Mawr Trust to WSFS,” said Rodger Levenson, President, President and CEO of WSFS. “Our 330 years of combined history of serving clients positions us as the premier locally based banking and wealth management franchise in the region with distinct advantages to capture the market, including local market knowledge, local decision and a full-service product suite. Our balance sheet, with approximately $20 billion in assets, reinforces our position as the largest bank headquartered in the Greater Philadelphia and Delaware area and our wealth management division, with approximately $58 billion in assets under administration and management, is a leader in wealth management. business.”
“When our merger was first announced, we announced that Bryn Mawr Trust would be the dominant brand in our Wealth Management division. We are excited to introduce the new Bryn Mawr Trust brand, which brings together the equity of the Bryn Mawr Trust name and a distinct connection to WSFS,” adds Levenson.
Former Bryn Mawr Trust wealth management clients will continue to be served by the same Bryn Mawr Trust professionals. The integration of the Wealth group of WSFS and Bryn Mawr Trust will take place throughout 2022.
The successful combination is WSFS’ ninth acquisition since 2010, including traditional banks and other fee-paying companies.
About WSFS Financial Company
WSFS Financial Corporation is a multi-billion dollar financial services company. Its principal subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company, headquartered in Delaware and the Greater Philadelphia area. As of December 31, 2021, WSFS Financial Corporation had $15.8 billion in assets on its balance sheet and $34.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and fiduciary and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®Cypress Capital Management, LLC, Christiana Trust Company of Delaware®NewLane Finance®powder mill® 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, visit www.wsfsbank.com.
Contact with Investor Relations: Dominic C. Canuso
Media Contact: Rebecca Acevedo
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