WILMINGTON, Del. - WSFS Bank, the principal subsidiary of WSFS Financial Corporation (NASDAQ:WSFS), has named James Wechsler as its new Executive Vice President and Chief Commercial Banking Officer, set to begin on January 1, 2025. This move comes as part of the bank's executive succession planning, with Wechsler stepping into the role following Steve Clark's transition to Senior Advisor.
Wechsler, who joined WSFS in 2010, has served in various senior roles, including Chief Operating Officer of Commercial Banking. His responsibilities in the new position will encompass oversight of Commercial & Industrial Banking, Commercial Real Estate, Treasury Management, Capital Markets, and Equipment Finance. He will report directly to Art Bacci, Executive Vice President and Chief Operating Officer, and become a member of the Executive Leadership Team.
The announcement was made today, reflecting WSFS's commitment to internal talent development and strategic leadership continuity. Rodger Levenson, Chairman, President, and CEO of WSFS, praised Wechsler's leadership skills and deep industry knowledge as key factors in his appointment. Levenson also commended Clark for his 45 years of service, including 22 with WSFS, acknowledging his significant impact on the company and the region's economy.
Wechsler's background includes a B.S. in Finance from the University of Delaware and an M.B.A. in Finance and Strategic Management from Villanova University. His community involvement extends to serving on boards of various organizations, including the Bryn Mawr Hospital Foundation and JFCS of Greater Philadelphia. He also served as a Director of Spring EQ until its sale in 2023.
WSFS Financial Corporation, headquartered in the Greater Philadelphia and Delaware region, reported $20.9 billion in assets and $87.2 billion in assets under management and administration as of September 30, 2024. The company operates 114 offices across several states, offering a range of financial services. This leadership change is based on a press release statement from WSFS Financial Corporation.
In other recent news, WSFS Financial Corporation reported a steady rise 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 also announced David Burg as the new Executive Vice President and CFO. Despite a recent rate cut, WSFS has adjusted its full-year outlook, expecting a net interest margin of approximately 3.80%.
Loans and deposits saw annual growth of 5% and 3% respectively, 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. The company's Cash Connect segment experienced a 50% revenue surge, attributed to market share gains.
However, non-performing assets rose to 44 basis points, largely due to two identified problem loans. The company also saw a slight decline in net interest margin to 3.78%, a 7 basis point decrease from Q2 2024. These are recent developments that investors should be aware of.
InvestingPro Insights
As WSFS Financial Corporation prepares for this significant leadership transition, investors may find valuable insights from recent financial data and expert analysis. According to InvestingPro, WSFS has demonstrated a commitment to shareholder returns, having raised its dividend for 10 consecutive years and maintained dividend payments for 27 consecutive years. This consistent dividend policy aligns with the company's focus on long-term stability and growth, which is reflected in the executive succession planning announced for James Wechsler.
The company's financial health appears solid, with a market capitalization of $2.9 billion and a price-to-earnings ratio of 11.19, suggesting a potentially attractive valuation relative to earnings. WSFS has also shown modest revenue growth, with a 4.32% increase over the last twelve months and a 5.23% quarterly growth as of Q3 2024. These figures indicate steady progress in the company's core business operations.
However, investors should note that WSFS faces challenges, as indicated by an InvestingPro Tip highlighting weak gross profit margins. This could be an area for the new leadership to address as they take the helm. Despite this, analysts remain optimistic, predicting that the company will be profitable this year.
For those seeking a deeper understanding of WSFS's financial position and future prospects, InvestingPro offers additional insights. The platform provides over 20 more tips for WSFS, which could be particularly valuable as the company undergoes this leadership transition.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.