WSFS Bank
| File:WSFS Bank logo.png | |
| Company type | Public |
|---|---|
| |
| Industry | Financial services |
| Founded | February 18, 1832 |
| Headquarters | Wilmington, Delaware, U.S. |
Area served |
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Key people | Rodger Levenson, Chairman, President and CEO Willard Hall, Founder and First President |
| Products | Banking, Wealth Management |
Number of employees | 1,838 (December 31, 2020) |
| Website | wsfsbank |
WSFS Financial Corporation operates as a financial services firm with its main subsidiary, WSFS Bank, recognized as the largest and longest-established locally managed bank headquartered in Delaware and the broader Delaware Valley region. The institution manages 114 branches—including 88 dedicated banking centers—across Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Virginia (1), and Nevada (1). Its service offerings encompass commercial and consumer banking, cash management, trust services, and wealth advisory.[1]
Established in 1832, WSFS Bank is counted among the ten oldest banks in the United States that have continuously operated under their original name.[2]
Origins
The Wilmington Savings Fund Society was chartered in 1832 by local Wilmington entrepreneurs with the mission to encourage savings and provide a secure community banking institution. Its inaugural branch opened on February 18, 1832, occupying leased quarters near Town Hall on Market Street. Throughout the nineteenth century, the bank experienced steady growth, relocating twice before constructing its own premises at 838 N. Market Street in 1895.
In 1929, WSFS erected its iconic headquarters featuring the mural Apotheosis of the Family, painted by N.C. Wyeth as part of the bank’s centennial celebration. A smaller rendition of this artwork is displayed at WSFS’s current main office located at 500 Delaware Avenue in Wilmington.
Expansion from the 1950s through early 1990s
During the 1950s and 1960s, WSFS continued expanding and became a pioneer in banking technology by being the first U.S. bank to introduce debit cards in the late 1960s. By the decade of the 1980s, WSFS extended its reach beyond northern New Castle County into Kent and Sussex counties and went public on NASDAQ in 1986. Nevertheless, financial challenges emerged by the early 1990s that brought the bank close to insolvency. In response, Marvin "Skip" Schoenhals was appointed CEO in 1990; under his leadership, WSFS initiated a recovery plan that included divesting branches in southern Delaware to Wilmington Trust and enforcing stricter lending standards.
Recovery from mid-1990s to 2007
The bank steadily restored its position by reentering Kent County in 1995 with a Dover branch and expanding into Sussex County with a Rehoboth Beach office in 2003. Additional branches were subsequently opened throughout Delaware in communities such as Camden, Lewes, Milford, and Smyrna.
WSFS operates Delaware’s largest automated teller machine (ATM) network and ranks among the most extensive branded ATM systems within the Greater Delaware Valley region. Its network comprises over 600 WSFS-branded ATMs spanning Delaware, Maryland, Pennsylvania, and New Jersey. Through strategic alliances, fee-free ATMs are available at locations including Walgreens, Grotto Pizza, Walmart, Buffalo Wild Wings, and Food Lion stores.
In 2007, WSFS moved its corporate headquarters from its longtime location at 838 N. Market Street—its home since 1885—to a new facility at 500 Delaware Avenue. The former headquarters building is recognized on the National Register of Historic Places. The new office marked Wilmington’s first multi-tenant building project since the late 1980s.
2008 to present
WSFS successfully weathered the Great Recession and emerged in a stronger position. In 2010, the bank expanded its footprint in southeastern Pennsylvania by relocating its Glen Mills branch and inaugurating new branches in Edgmont, Kennett Square, Media, and West Chester. Growth was further accelerated through strategic acquisitions such as Alliance Bank in April 2015, Penn Liberty Bank in November 2015, and Beneficial Bank, based in Philadelphia, in March 2019. Following the Beneficial acquisition, WSFS Bank extended its brand into New Jersey by rebranding the former Beneficial locations in August 2019.
In 2011, WSFS celebrated its 25th year listed on NASDAQ. The expansion momentum continued with the establishment of a new regional headquarters and branch located at Kirkwood Highway and Route 7 in Delaware in 2012.
The bank earned distinction as Delaware’s top bank according to Wilmington News Journal readers in 2018, marking its eighth year in a row receiving this honor. In addition, The News Journal recognized WSFS as a "Top Workplace" for the sixteenth consecutive year in 2022.
WSFS garnered the Gallup Exceptional Workplace Award for the sixth time in 2022 and had previously been honored with the Gallup Culture Transformation Award in 2020. These accolades underscore WSFS’s commitment to associate engagement as a fundamental business priority. Moreover, The Philadelphia Inquirer named WSFS a "Top Workplace" for eight consecutive years.
Leadership changes included Rodger Levenson assuming the role of WSFS’ 13th President and CEO on January 1, 2019. Mark A. Turner transitioned from CEO—after twelve years at the helm steering the company through major financial challenges and regulatory shifts—to Executive Chairman. On January 1, 2020, Levenson added chairman of the Board to his responsibilities while maintaining his positions as president and CEO; Turner stepped down as Executive Chairman but continues serving as a Board Director.
Operations
WSFS offers a comprehensive suite of traditional retail banking products such as checking accounts, savings accounts, certificates of deposit, consumer mortgages, lines of credit, and home equity loans. Its commercial banking division serves small businesses, middle-market clients, and real estate developers. Prominent subsidiaries and business units include:
Bryn Mawr Trust, which specializes in financial planning services tailored for high-net-worth individuals, families, and institutional clients.
Cash Connect, a leading nationwide provider of ATM vault cash management and smart safe logistics services, supporting over 36,000 ATMs across the country and operating more than 600 ATMs for WSFS Bank—forming one of the largest ATM networks within the Greater Delaware Valley.
Bryn Mawr Capital Management, LLC, an SEC-registered investment advisory firm delivering personalized investment, tax planning, and estate planning solutions for affluent clients.
The Bryn Mawr Trust Company of Delaware, a limited purpose trust company offering Delaware Advantage trust services including directed trusts, asset protection trusts, and dynasty trusts.
Powdermill Financial Solutions, serving ultra-high-net-worth families, entrepreneurs, and corporate executives with specialized financial services.
WSFS Institutional Services, providing trustee roles for asset-backed securities and corporate debt issuances along with custody services, escrow administration, verification agent duties, and independent director functions.
WSFS Wealth Investments, offering insurance products and brokerage services primarily aimed at retail banking customers.
WSFS Mortgage, a prominent mortgage lender delivering a broad range of mortgage programs throughout the Delaware Valley and nationally; affiliated with Arrow Land Transfer—a title insurance agency operating in Delaware, Pennsylvania, and New Jersey.
NewLane Finance, focusing on commercial equipment financing solutions.
Acquisitions
WSFS began pursuing its acquisition strategy in 2004 by purchasing Cypress Capital Management, a firm focused on serving affluent clients through a balanced investment philosophy that prioritizes income generation and capital protection.
The bank expanded its footprint in Delaware by acquiring the Delaware branch network of Sun National Bank in 2008. Two years later, in 2010, WSFS completed the acquisition of Christiana Bank & Trust, incorporating its trust services into WSFS’ Wealth Management division.
In 2013, WSFS broadened its services by acquiring Array Financial Group, a mortgage banking company located in the Delaware Valley, along with Arrow Land Transfer Company, a title firm based in Haverford, Pennsylvania. That same year, WSFS announced plans to acquire The First National Bank of Wyoming, finalizing the transaction in 2014.
Growth continued with the 2015 purchase of Alliance Bank in Broomall, Pennsylvania, which added eight branches and approximately $421 million in assets to WSFS’ portfolio. This acquisition increased the bank’s presence to 17 branches across southeastern Pennsylvania. Later that year, WSFS acquired Penn Liberty Bank of Wayne, Pennsylvania; the merger was completed in 2016 and expanded WSFS’ network to over 70 locations, including 24 within southeastern Pennsylvania.
In August 2016, WSFS acquired Powdermill Financial Solutions, a Wilmington-based multi-family office serving high-net-worth clients nationwide. Shortly afterward, the bank also purchased West Capital Management, headquartered in Philadelphia.
A major milestone came in August 2018 with the announcement of WSFS’ acquisition of Beneficial Bancorp, resulting in the creation of the largest community bank headquartered locally within the Greater Delaware Valley. The deal closed in March 2019, boosting WSFS’ branch count to 152 and assets under management to $12.2 billion. By August 2019, the Beneficial brand was fully integrated under the WSFS name.
In March 2021, WSFS revealed plans to acquire Bryn Mawr Bank Corporation for $976.4 million. Bryn Mawr Trust operates 41 branches primarily serving Philadelphia suburbs. This acquisition is expected to enhance WSFS’ market share to nearly 7% of regional deposits. While maintaining the historic Bryn Mawr Trust headquarters, WSFS anticipates consolidating up to 30% of overlapping branch locations.
Memberships
WSFS Bank holds membership with the Federal Deposit Insurance Corporation and is recognized as an Equal Housing Lender. For ATM transactions, it participates in both the STAR and PLUS interbank networks.