WSFS pays back $55 million in senior debt

WSFS Financial Corporation today announced the payoff of $55 million in senior debt.

The Delaware-headquartered bank repaid the debt using proceeds from its June 2016 public offering of $100 million senior notes due 2026.

“We are pleased to announce the execution of our planned payoff of senior debt,” said Dominic C.
Canuso, executive vice president and chief financial officer.

“Lowering our overall senior debt costs will result in improved Net Interest Margin and gives us more confidence that we are on a solid path to achieve our Strategic Plan return on asset goal of 1.30% by Q4 2018 (core and sustainable).”

Senior debt is prioritized above other forms of borrowed money. In the case of bankruptcy, for example, senior debt would mostly likely be repaid first.