WSFS Financial Corporation’s A- Senior Unsecured Debt Rating Affirmed by KBRA, Reflecting Strong Earnings, Liquidity, and Capital
09 Agosto 2023 - 5:05PM
Business Wire
Kroll Bond Rating Agency (KBRA) has reaffirmed the senior
unsecured debt rating of A- for WSFS Financial Corporation (NASDAQ:
WSFS) (“WSFS” or “the Company”). KBRA also reaffirmed WSFS’
subordinated debt rating of BBB+ and a short-term debt rating of
K2. WSFS Bank, the Company’s primary subsidiary, received strong
credit ratings as well, including A ratings for both senior
unsecured debt and deposit, a subordinated debt rating of A-, and
the short-term debt and deposit ratings of K1. KBRA’s debt rating
report for WSFS will be on their website when available.
“For the eighth consecutive year, WSFS has received a strong
Investment Grade debt rating by KRBA. The rating reflects the
quality of our diversified business model, strength in our
liquidity and capital position, as well as our disciplined approach
to asset quality delivering high-quality loan growth. Our regional
and national franchises are well positioned to serve our Customers
and markets during these uncertain times,” said WSFS’ Executive
Vice President and Chief Financial Officer Dominic C. Canuso.
KBRA also noted the ratings are supported by WSFS’ significant
and stable fee revenue base (~30% of revenue) derived from
diversified business operations, particularly its premier wealth
management franchise, which KBRA views as a key differentiator and
primary driver of the Company’s high ratings profile. Also key to
the ratings is WSFS’ favorable core funding profile and strong
market position, with the largest deposit market share in the
Philadelphia-Camden-Wilmington MSA among locally headquartered
institutions, further enhanced by the acquisition of Bryn Mawr Bank
Corporation. KBRA also acknowledged WSFS’ plentiful access to
secondary sources of liquidity with minimal usage relative to many
regional peers and the long tenured management team in place that
has deep ties within key markets and have demonstrated the ability
to successfully execute strategic initiatives over time.
About WSFS Financial Corporation WSFS Financial
Corporation is a multibillion-dollar financial services company.
Its primary subsidiary, WSFS Bank, is the oldest and largest
locally-headquarter headquartered bank and trust company in the
Greater Philadelphia and Delaware region. As of June 30, 2023, WSFS
Financial Corporation had $20.4 billion in assets on its balance
sheet and $67.9 billion in assets under management and
administration. WSFS operates from 114 offices, 88 of which are
banking offices, located in Pennsylvania (59), Delaware (39), New
Jersey (14), Virginia (1) and Nevada (1) and provides comprehensive
financial services including commercial banking, consumer banking,
treasury management and trust and wealth management. Other
subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr
Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust
Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill®
Financial Solutions, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230809221773/en/
Investor Relations Contact: Dominic C. Canuso (302)
571-6833 dcanuso@wsfsbank.com
Media Contact: Eric Springer (215) 864-1778
espringer@wsfsbank.com
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