WSFS Bank forms capital markets group managing $1.9 billion portfolio
WSFS Bank has organized a new capital markets department under its finance division that will manage the company’s $1.9 billion investment portfolio.
The department will help deal with the increase demand following the combination of WSFS and Beneficial Bank. Ron Samuels, a senior vice president and long-time WSFS Associate, has assumed the newly-created role of director of capital markets.
“The reorganization to form Capital Markets and Treasury as two individual units makes strategic sense for our growing Company and the increased demands that come with being a $12.2 billion-in-assets community bank,” said Dominic C. Canuso, WSFS Bank’s executive vice president and chief financial officer.
In addition to overseeing WSFS’ investment portfolio, the capital markets department will also manage the return of capital through dividends and the Company’s share repurchase program, long-term funding and capital structure management.
Samuels will work with external stakeholders, including investment banks and debt underwriters, rating agencies, market makers in WSFS stock, and economists and other advisors to manage the company’s balance sheet, investment portfolio and capital structure.