WILMINGTON, Del. - WSFS Financial Corporation (NASDAQ: WSFS), the parent company of WSFS Bank and a consistently profitable financial institution with a market capitalization of $3.5 billion, has announced a series of promotions within its Commercial Banking and Risk leadership teams, set to take effect on January 1, 2025. According to InvestingPro data, WSFS has maintained dividend payments for 27 consecutive years, demonstrating remarkable financial stability. These changes are part of the company's strategy to prepare for its next growth phase in the Greater Philadelphia and Delaware region.
Jim Gise has been appointed as Executive Vice President, Director of Corporate & Specialty Banking, and will also assume the role of Deputy Chief Commercial Banking Officer. Gise, who previously managed Middle Market, Syndications, and Capital Markets, will now oversee additional units including Healthcare, Lender Finance, and Equipment Finance under the newly formed Corporate & Specialty Banking group.
Liam Brickley will advance to the position of Executive Vice President, Chief Credit Officer. Reporting to Christine Davis, Executive Vice President, Chief Risk Officer, Brickley will be responsible for managing the bank's credit exposures and maintaining loan policies and procedures.
The Commercial and Industrial Banking group, formerly known as Business Banking, will now be led by Scott Baylis and Salvatore Patti as Senior Vice Presidents, Directors of Commercial Banking. The group will focus on supporting local businesses with revenues ranging from $5 million to $50 million and credit exposure exceeding $3 million.
Rodger Levenson, WSFS Chairman, President, and CEO, emphasized the importance of these leadership changes, stating they demonstrate the company's commitment to business growth, talent development, and succession planning. He highlighted the aim to grow market share and capitalize on WSFS Bank's status as the largest, locally headquartered bank and wealth franchise in the region.
WSFS Financial Corporation, a multibillion-dollar financial services company, operates 114 offices and provides a broad range of financial services. The company has shown strong momentum, with InvestingPro data showing a remarkable 33.4% price return over the past six months. As of September 30, 2024, the corporation reported $20.9 billion in assets on its balance sheet and $87.2 billion in assets under management and administration. Trading at a P/E ratio of 13.5x and currently appearing undervalued according to InvestingPro's Fair Value analysis, the company's history dates back to 1832, making WSFS Bank one of the ten oldest banks in the United States continuously operating under the same name. Discover more insights about WSFS and other financial institutions with InvestingPro's comprehensive Research Reports, available for over 1,400 US stocks.
This leadership restructuring is based on a press release statement from WSFS Financial Corporation.
In other recent news, WSFS Financial Corporation has reported substantial growth in key financial metrics for the third quarter of 2024, including a core earnings per share (EPS) of $1.08 and a core return on assets (ROA) of 1.22%. The company saw annual growth of 5% in loans and 3% in deposits, with a loan-to-deposit ratio of 80%. Core fee revenue increased to $90.1 million, up 5% from the previous quarter and 23% year-over-year. However, non-performing assets rose to 44 basis points, primarily due to two identified problem loans.
WSFS has recently made significant changes to its executive team. The company has appointed Lynn Hobson as its new Chief Marketing Officer, while the former Chief Marketing Officer, Justin Dunn, has transitioned to the role of Chief Community Impact Officer. In addition, James Wechsler has been named as the new Executive Vice President and Chief Commercial Banking Officer, effective from January 1, 2025.
These recent developments reflect WSFS's commitment to its growth strategy and capital position. The company remains optimistic amidst economic uncertainties and continues to demonstrate its strong market performance.
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