WSFS isn't a radio station, but it is tuned into the banking needs of Delaware. WSFS Financial is the holding company for Wilmington Savings Fund Society (WSFS Bank), a thrift with about 40 branches in Delaware and southeastern Pennsylvania, plus one each in Nevada and Virginia. Founded in 1832, WSFS Bank attracts deposits from individuals and local businesses by offering standard products like checking and savings accounts, CDs, and IRAs. The bank uses funds primarily to lend to businesses: Commercial loans and mortgages account for about 75% of its loan portfolio. Bank subsidiary Cypress Capital Management provides trust and investment advisory services to wealthy clients and institutional investors.
The company's Cash Connect division operates more than 325 ATMs for WSFS Bank, which boasts the largest branded ATM network in Delaware. The division also manages some $340 million of vault cash in approximately 10,000 ATMs nationwide, and provides online reporting and ATM cash management, predictive cash ordering, armored carrier management, and ATM processing and equipment sales.
Growing through acquisitions, WSFS in 2010 bought Delaware-based Christiana Bank & Trust from National Penn Bancshares for $34.5 million. The deal added three branches in Delaware and one in Nevada and brought in more than $7 billion of assets under administration to augment the operations of Cypress Capital. WSFS acquired six bank branches in Delaware from Sun National Bank in 2008.
Another recent acquisition did not go as smoothly: Also in 2008 WSFS acquired a majority stake in nationwide reverse mortgage lender 1st Reverse Financial Services. However, as a result of decreasing property values amid the financial crisis, the unit lost money and WSFS, which continues to write reverse mortgages for sale into the secondary market, announced in 2009 that it would wind down the business of 1st Reverse Financial. Despite the setback, WSFS as a whole remained profitable throughout the recession.
Peninsula Capital Advisors, an investment firm of which WSFS director Ted Wechsler is a managing partner, owns nearly 20% of WSFS Financial's stock.