WILMINGTON, Del. - WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, has named Owen Mathews as the new Senior Vice President, Corporate Development Officer. In this role, Mathews will focus on driving growth through strategic initiatives such as mergers and acquisitions, partnerships, and joint ventures. The appointment comes as WSFS shows strong momentum, with InvestingPro data showing a notable 26% stock price return over the past six months.
Mathews, who has been with WSFS for nearly 18 years, will report directly to Arthur Bacci, Executive Vice President and Chief Operating Officer. His most recent position within the company was as Senior Vice President and Investment Portfolio Manager. Bacci praised Mathews' ascent through various roles and his developed expertise in Commercial Banking and Corporate Treasury.
WSFS Financial Corporation, headquartered in the Greater Philadelphia and Delaware region, is a financial services entity with a history dating back to 1832. As of September 30, 2024, the corporation reported $20.9 billion in assets and $87.2 billion in assets under management and administration. The company, currently valued at $3.2 billion in market capitalization, has maintained dividend payments for 27 consecutive years and boasts a P/E ratio of 12.7. With 114 offices across several states, WSFS offers a range of services, including commercial and consumer banking, treasury management, and wealth management. According to InvestingPro's Fair Value analysis, the stock currently appears undervalued, with additional insights available in the comprehensive Pro Research Report.
This appointment is part of WSFS's strategic plan to invest in talent and explore growth opportunities. The company's growth strategy appears promising, with analysts predicting continued profitability this year. The information for this article is based on a press release statement from WSFS Financial Corporation. For deeper insights into WSFS's financial health and growth prospects, investors can access detailed analysis and additional ProTips through InvestingPro.
In other recent news, WSFS Financial Corporation has reported significant growth in key financial metrics for the third quarter of 2024, including a core earnings per share (EPS) of $1.08 and a core return on assets (ROA) of 1.22%. The company saw annual growth of 5% in loans and 3% in deposits, with a loan-to-deposit ratio of 80%. Core fee revenue increased to $90.1 million, up 5% from the previous quarter and 23% year-over-year.
WSFS Financial Corporation has also announced a series of promotions within its Commercial Banking and Risk leadership teams, set to take effect on January 1, 2025. These changes are part of the company's strategy to prepare for its next growth phase in the Greater Philadelphia and Delaware region.
Additionally, the company has appointed Lynn Hobson as its new Chief Marketing Officer, while the former Chief Marketing Officer, Justin Dunn, has transitioned to the role of Chief Community Impact Officer. James Wechsler has been named as the new Executive Vice President and Chief Commercial Banking Officer, effective from January 1, 2025.
However, non-performing assets rose to 44 basis points, primarily due to two identified problem loans. These are the recent developments at WSFS Financial Corporation.
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