WSFS Financial Corporation’s A- Senior Debt Rating Reaffirmed by KBRA
August 26 2021 - 8:30AM
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 ratings for WSFS can be
accessed here.
“For the sixth consecutive year, WSFS has received a strong debt
rating reflecting our commitment to a diversified business model
that leverages our strength as a community bank with national
fee-based financial solutions to offer our Customers a full suite
of products and services while providing deep local knowledge to
meet their needs,” said WSFS’ Executive Vice President and Chief
Financial Officer Dominic C. Canuso.
KBRA also noted the ratings are supported by WSFS’ sizable and
stable fee base derived from diversified business segments,
particularly wealth management, which KBRA views as a key
differentiator and primary driver of the Company’s high ratings
profile. Through strategically sound merger and acquisition
transactions, WSFS has significantly expanded the scale of its
operations, including its wealth management platform in recent
years. KBRA added that the company also has a favorable core
funding profile and strong market position, which will
significantly increase after the close of the Bryn Mawr Trust
Corporation transaction.
About WSFS Financial Corporation WSFS Financial
Corporation is a multi-billion-dollar financial services company.
Its primary subsidiary, WSFS Bank, is the oldest and largest
locally managed bank and trust company headquartered in Delaware
and the Greater Philadelphia region. As of June 30, 2021, WSFS
Financial Corporation had $15.1 billion in assets on its balance
sheet and $26.7 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 trust and wealth management. Other subsidiaries
or divisions include Arrow Land Transfer, Cash Connect®, Cypress
Capital Management, LLC, Christiana Trust Company of Delaware®,
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.
Media Contact: Rebecca Acevedo (215)
253-5566racevedo@wsfsbank.com
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