Photo Release – WSFS Financial Corporation Completes
WILMINGTON, Del., January 03, 2022 (GLOBE NEWSWIRE) – WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, has completed the acquisition of Bryn Mawr Bank Corporation (Nasdaq: BMTC) (“Bryn Mawr” ), and its principal subsidiary, The Bryn Mawr Trust Company (“Bryn Mawr Trust”), as of January 1, 2022. In addition, pursuant to the merger agreement between WSFS and Bryn Mawr, Frank J. Leto, Lynn B McKee and Diego F. Calderin Joins WSFS and WSFS Bank Board of Directors With the completion of the acquisition, WSFS strengthens its position as the premier locally-based banking 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.
âBoth companies bring a long history of service to our customers and our communities, and together we will bring a deeper level of knowledge and commitment to the region,â said Rodger Levenson, President, President and CEO of WSFS . âOur customers will benefit from a highly engaged and dedicated team whose primary goal is to provide premier products and services to the Greater Philadelphia and Delaware area.â Levenson added, âWe are also delighted 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 insight to complement the leadership and institutional knowledge of the current board.
Customer relationships with Bryn Mawr Trust and WSFS will continue as usual until the systems integration and brand conversion is scheduled for the end of the first quarter of 2022.
Bryn Mawr Trust Wealth Management clients will continue to be served by the same professionals of Bryn Mawr Trust Wealth Management. The integration of the WSFS Wealth and Bryn Mawr Trust Wealth Management groups will take place throughout 2022. However, clients of both banks have immediate and free access to the combined WSFS and Bryn Mawr Trust ATM network of over 600 ATMs. automatic.
The new members of the Board of Directors bring a wealth of knowledge and experience. Frank Leto has been Chairman of Bryn Mawr since May 2014, and CEO of Bryn Mawr and Bryn Mawr Trust since January 2015. Prior to that, between 2009 and 2014, Leto held several positions within the organization, including executive vice-president. from the Wealth Management division of Bryn Mawr Trust, the General Counsel and the COO. Leto was also one of the longest-serving directors of Bryn Mawr and Bryn Mawr Trust, having served on the boards from 2002 to 2021, most notably as a lead independent director from 2006 to 2009.
Active in the community, Leto’s charitable work includes positions on the board of directors of the Andalusia Foundation, the Bryn Mawr Hospital Foundation and the Pennsylvania Bankers Association. He previously served on the boards of directors of AIM Academy, Baker Industries, Bryn Mawr Film Institute, Pennsylvania Academy of Fine Arts, Pennsylvania Association of Community Bankers, and Riddle Healthcare Foundation. Leto received a BA in Political Science from Saint Joseph University and a JD (cum laude) from Delaware Law School at Widener University.
Lynn McKee is executive vice president of human resources at Aramark, a global service management company employing approximately 248,000 associates in 19 countries. In his role, McKee is responsible for all aspects of human resources, including building culture and employee engagement; benefits and compensation; 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 on the Boards of Directors of Bryn Mawr and Bryn Mawr Trust, where she served as Chair of the Leadership Development and Compensation Committee, and a member of the Board of Trustees of Saint Joseph University in Philadelphia. , where she was Chairman of the Facilities and Information Technology Committee. McKee received his undergraduate degree in accounting from Saint Joseph’s University and his 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 co-founder and CTO of Anexinet, which has grown into an award-winning digital systems integration company. In 2014, Calderin and its partners sold Anexinet to a private equity firm. Prior to Anexinet, Calderin was a software engineer with General Electric and a consultant to Fortune 500 companies. Calderin brings significant experience in the business management, technology and financial services industries.
Calderin was previously a member of the boards of directors of Bryn Mawr and Bryn Mawr Trust, where he was chairman of the IT steering committee, and a member of the board of directors of The Haverford Trust Company, a fund management company. He is also a member of the board of directors of La Salle University, where he sits on the finance, facilities and student affairs committees.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its principal subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company, headquartered in Delaware and the greater Philadelphia area. 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 bank offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides services comprehensive financial services, including commercial banking, retail banking, cash management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash ConnectÂ®, Cypress Capital Management, LLC, Christiana Trust Company of DelawareÂ®, NewLane FinanceÂ®, Powder millÂ® Financial Solutions, West Capital ManagementÂ®, WSFS Institutional ServicesÂ®, WSFS mortgageÂ®, and WSFS WealthÂ® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States operating permanently under the same name. For more information, please visit www.wsfsbank.com.
This press release contains estimates, predictions, opinions, projections and other “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references predictions or expectations of WSFS 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 regarding profits, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words âbelieveâ, âexpectâ, âanticipateâ, âwillâ and similar expressions, among others, generally identify forward-looking statements. These forward-looking statements are based on various assumptions (some of which may be beyond the control of WSFS) and are subject to significant risks and uncertainties (which change over time) and other factors, including the acquisition of Bryn Mawr by WSFS and the uncertain effects of the COVID-19 pandemic and the actions taken in response to it on WSFS ‘business, results of operations, capital and liquidity, which could cause actual results differ significantly from those currently planned. These risks and uncertainties are discussed in detail in WSFS and Bryn Mawr 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 these forward-looking statements, which speak only as of the date on which they are made, and WSFS disclaims any obligation to revise or update any forward-looking, written or oral, which 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”, “the registrant”, “we”, “us” and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, and âBryn Mawrâ means Bryn Mawr Bank Corporation and its subsidiaries, on a consolidated basis, unless the context otherwise requires.
|Investor Relations Contact: Dominique C. Canuso|
|Media contact: Rebecca Acevedo|