WSFS Financial Corporation (Nasdaq: WSFS), the parent company of
WSFS Bank, completed the acquisition of the Bryn Mawr Bank
Corporation (Nasdaq: BMTC) (“Bryn Mawr”), and its primary
subsidiary, The Bryn Mawr Trust Company (“Bryn Mawr Trust”), as of
January 1, 2022. In addition, in accordance with the merger
agreement between WSFS and Bryn Mawr, Frank J. Leto, Lynn B. McKee,
and Diego F. Calderin are joining the Board of Directors of WSFS
and WSFS Bank. With the acquisition finalized, WSFS strengthens its
position as the premier, locally headquartered bank and wealth
management franchise in the Greater Philadelphia and Delaware
region with approximately $20 billion in assets, and approximately
$49 billion in assets under administration and management.
“Both companies bring a long history of service
for our Customers and Communities, and together we will bring a
deeper level of knowledge and commitment to the region,” said
Rodger Levenson, WSFS’ Chairman, President and CEO. “Our Customers
will benefit from a highly engaged and dedicated team whose primary
focus is delivering premier products and services to the Greater
Philadelphia and Delaware region.” Levenson added, “We are also
pleased to welcome Frank Leto, Lynn McKee, and Diego Calderin to
the WSFS Board of Directors. We know they will bring new ideas,
perspectives, and industry acumen to complement the current Board’s
leadership and institutional knowledge.”
Bryn Mawr Trust and WSFS Customer relationships
will continue business as usual until the anticipated systems
integration and brand conversion in late Q1 2022.
Bryn Mawr Trust Wealth Management Clients will
continue to be served by the same professionals from Bryn Mawr
Trust Wealth Management. The integration of WSFS Wealth and Bryn
Mawr Trust Wealth Management groups will take place throughout
2022. Both banks’ Customers, however, have immediate and free
access to the combined WSFS and Bryn Mawr Trust ATM network of more
than 600 ATMs.
The new board members bring a wealth of
knowledge and experience. Frank Leto served as the President of
Bryn Mawr since May 2014, and Chief Executive Officer of Bryn Mawr
and Bryn Mawr Trust since January 2015. Prior to that, between 2009
and 2014, Leto held a number of roles within the organization
including Executive Vice President of Bryn Mawr Trust’s Wealth
Management division, General Counsel, and Chief Operating Officer.
Leto was also one of the longest standing directors of Bryn Mawr
and Bryn Mawr Trust, having served on the Boards of Directors from
2002 to 2021, including as Lead Independent Director from 2006
through 2009.
Active in the community, Leto’s charitable work
includes board positions with The Andalusia Foundation, The Bryn
Mawr Hospital Foundation and Pennsylvania Bankers Association. He
previously served on the Boards of AIM Academy, Baker Industries,
The Bryn Mawr Film Institute, The Pennsylvania Academy of Fine
Arts, The Pennsylvania Association of Community Bankers and The
Riddle Healthcare Foundation. Leto earned a bachelor’s degree in
political science from Saint Joseph’s University and a J.D. (cum
laude) from The Delaware Law School of Widener University.
Lynn McKee is Executive Vice President, Human
Resources for Aramark, a global services management company
employing about 248,000 associates across 19 countries. In her
role, McKee is responsible for all aspects of human resources,
including building culture and employee engagement; compensation
and benefits; talent management, including talent acquisition,
executive and leadership development and succession planning; and
employee and labor relations. McKee also oversees Aramark’s
Diversity, Equity and Inclusion, Sustainability, and Community
Relations functions in addition to Corporate Services.
McKee previously served as a member of the
Boards of Directors of Bryn Mawr and Bryn Mawr Trust, where she was
Chair of the Management Development & Compensation Committee,
and as a member of the Board of Trustees for Saint Joseph’s
University in Philadelphia, where she was Chair of the Facilities
& Information Technology Committee. McKee earned her
undergraduate degree in Accounting from Saint Joseph’s University
and her MBA from Drexel University.
Diego Calderin is the co-founder and Managing
Partner of Banbury Systems, a data acquisition platform company
that provides inventory tracking using advanced RFID readers with
GPS and cellular transmission. He was the original co-founder and
Chief Technology Officer of Anexinet, which became an award-winning
Digital Systems Integration company. In 2014, Calderin and his
partners sold Anexinet to a private equity company. Prior to
Anexinet, Calderin was a software engineer with General Electric
and consulted at Fortune 500 companies. Calderin brings significant
experience in business management, technology and financial
services industries.
Calderin previously served as a member of the
Boards of Directors of Bryn Mawr and Bryn Mawr Trust, where he was
Chair of the IT Steering Committee, and as a member of the Board of
Trustees for The Haverford Trust Company, a money management firm.
He is also a member of the Board of Trustees for La Salle
University, where he serves on the Finance, Facilities and Student
Affairs Committees.
About WSFS Financial CorporationWSFS 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 September 30, 2021, WSFS
Financial Corporation had $15.4 billion in assets on its balance
sheet and $27.6 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.
Forward-Looking StatementsThis
press release contains estimates, predictions, opinions,
projections and other "forward-looking statements" as that phrase
is defined in the Private Securities Litigation Reform Act of 1995.
Such statements include, without limitation, references to WSFS’
predictions or expectations of future business or financial
performance as well as its goals and objectives for future
operations, financial and business trends, business prospects, and
management's outlook or expectations for earnings, revenues,
expenses, capital levels, liquidity levels, asset quality or other
future financial or business performance, strategies or
expectations. The words “believe,” “expect,” “anticipate,” “will,”
and similar expressions, among others, generally identify
forward-looking statements. Such forward-looking statements are
based on various assumptions (some of which may be beyond WSFS’
control) and are subject to significant risks and uncertainties
(which change over time) and other factors, including WSFS’
acquisition of Bryn Mawr and the uncertain effects of the COVID-19
pandemic and actions taken in response thereto on WSFS’ business,
results of operations, capital and liquidity, which could cause
actual results to differ materially from those currently
anticipated. Such risks and uncertainties are discussed in detail
in WSFS’ and Bryn Mawr’s Form 10-K for the year ended December 31,
2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q for
the quarter ended June 30, 2021, Form 10-Q for the quarter ended
September 30, 2021, and other documents filed by WSFS and Bryn Mawr
with the Securities and Exchange Commission from time to time.
WSFS cautions readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date on which they are made, and WSFS disclaims any duty
to revise or update any forward-looking statement, whether written
or oral, that may be made from time to time by or on behalf of WSFS
for any reason, except as specifically required by law. As used in
this press release, the terms "WSFS", "the Company”, “registrant",
"we", "us", and "our" mean WSFS Financial Corporation and its
subsidiaries, on a consolidated basis, and the term “Bryn Mawr”
means Bryn Mawr Bank Corporation and its subsidiaries, on a
consolidated basis, unless the context indicates otherwise.
Investor Relations Contact: Dominic C. Canuso |
(302) 571-6833 |
dcanuso@wsfsbank.com |
|
Media Contact: Rebecca Acevedo |
(215) 253-5566 |
racevedo@wsfsbank.com |
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