Fastest 50: WSFS Bank
WSFS Financial Corp. is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company. WSFS operates from 152 offices located in Delaware (49), Pennsylvania (72), New Jersey (29), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.
What have been the biggest factors that contributed to your company’s growth over the past three years?
What have been the biggest obstacles your company has faced over the past three years, and how did you overcome them?
In 2018, WSFS Bank’s board and management faced two important questions as they were developing the Bank’s 2019-2021 Strategic Plan: (1) Where does the Bank continue to grow beyond its home market in Delaware, and (2) how should WSFS invest in digital banking solutions as more customers choose to bank with us over mobile and online? In August 2018, WSFS Bank announced its intent to acquire Beneficial Bank. WSFS Bank has since grown to have a retail presence in Philadelphia and moved further into Southeastern Pennsylvania and into Southern New Jersey. WSFS will consolidate 25% of the combined WSFS and Beneficial branches and use half the savings(about $32 million) to fund its five-year Deliver Transformation program.