WSFS Bank

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Wilmington Savings Fund Society
Traded as NASDAQWSFS
Industry Financial Services
Founded 1832
Headquarters Wilmington, Delaware
Area served Delaware, Pennsylvania, Nevada and Virginia
Key people Marvin "Skip" Schoenhals, Chairman
Mark Turner, CEO
Products Banking
Employees Over 800
Website www.wsfsbank.com

WSFS Financial Corporation is a financial services company. Its primary subsidiary, Wilmington Savings Fund Society, WSFS Bank, is the oldest bank and trust company headquartered in Delaware. WSFS operates from 52 offices located in Delaware (42), Pennsylvania (8), Virginia (1) and Nevada (1) and provides financial services including commercial banking, retail banking and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC, Cash Connect®, Array Financial and Arrow Land Transfer. WSFS's Cash Connect® subsidiary provides ATM support services across all 50 states for more than 15,000 ATMs. Cash Connect operates the second largest ATM servicing platform in the United States. In operation in the Delaware Valley since 1832, WSFS Bank is the seventh oldest bank in the United States continuously operating under the same name.

WSFS offers traditional retail banking services such as checking and savings accounts, certificates of deposit, consumer mortgages, lines of credit, and home equity loans, and also offers commercial banking services for small businesses, business banking and middle market customers, and for real estate development and investment. WSFS also offers investment products through its subsidiary WSFS Investment Group, and wealth and trust management services through Christiana Trust.

History[edit]

Wilmington Savings Fund Society was chartered as a Delaware thrift in 1832 by a group of Wilmington community leaders and businessmen. The bank was formed for the working citizens of Wilmington to encourage thrift, and safeguard and increase their savings in a community bank. The bank's first day of business was February 18, 1832, in a rented room "one door below" Town Hall on Market Street. The bank grew steadily through the 19th century, and moved locations twice more before constructing their own building at 838 N. Market Street in 1895.[citation needed] The building stood until 1929,[citation needed] when the current building was constructed and opened for business. Three years later the building would receive its landmark mural, Apotheosis of the Family by N. C. Wyeth. The mural, 60'x19', was commissioned by Frederick Stone to celebrate the bank's 100th anniversary, and a smaller version of this mural still hangs in the bank's new headquarters at 500 Delaware Avenue in Wilmington.[citation needed]

WSFS Bank Corporate Office at 500 Delaware Avenue, Wilmington, DE

WSFS's growth continued in the 1950s and 60s, and was the first bank in the United States to issue debit cards in the late 1960s. By the 1980s, WSFS had expanded from northern New Castle County into Kent and Sussex counties, and went public in March 1990 on the NASDAQ market. By the early 1990s the bank was in poor financial shape, and was near bankruptcy. The Board of Directors hired Marvin "Skip" Schoenhals in 1992, and began a dramatic turnaround. Nearly all of the lower Delaware branches were sold to Wilmington Trust, and lending practices and credit quality were administered more closely.[citation needed]

Over time, the bank gradually strengthened and was reintroduced to Kent County and Sussex County. In 1995, WSFS Bank opened its first branch in Kent County in the new Dover Metro Supermarket since the mass closings of 1991 (this location closed in 2009 due to the closing of Metro, but was relocated across from Target). The first new branch in Sussex County since the closings was in July 2003 in Rehoboth Beach. The banking office was temporarily located in Lighthouse Plaza between Super Giant and Kmart. The branch relocated to its new building behind Super Giant upon completion in June 2004. New branch locations have since opened in Camden, Lewes, Long Neck, Milford, Millsboro, Ocean View, Seaford, Selbyville, Smyrna and West Dover.

WSFS Bank has the largest ATM network in Delaware. The bank has ATMs located in all Happy Harry's Pharmacies/Walgreens. Fee free ATMs are also located in most Grotto Pizza, Walmart, Buffalo Wild Wings, and Food Lion locations. There are over 450 WSFS-owned ATMs in Delaware, Maryland, Pennsylvania, and New Jersey.

In 2007, WSFS Bank moved its corporate headquarters from 838 N. Market Street, Wilmington, Delaware, where it had resided since 1885,[1] to 500 Delaware Avenue.[2] The 838 Market Street location is listed on the United States National Register of Historic Places.[3] The new location is the first multi-tenant building to be constructed in Wilmington since c. 1988.[4]

In 2010, WSFS Bank acquired Christiana Bank & Trust company and integrated the Trust division as part of WSFS's Wealth Management division. The trust business has grown steadily since 2010 and now has more than $10 billion under administration. Christiana Turst provides full service wealth management to individuals including brokerage, trust, investment management and banking products. The Christiana Trust division also services corporations through corporate trust services.[citation needed]

In 2010, WSFS began to expand further into southeastern Pennsylvania with the relocation of the Glen Mills branch. Opened since then are their locations in Edgmont, Kennett Square, Media and West Chester.

In 2011, WSFS celebrated its 25th Anniversary on NASDAQ. Continued growth came with the opening of a new regional headquarters and branch at the corners of Kirkwood Highway and Route 7 in Delaware in 2012.

In 2013, it was announced that WSFS purchased Array Financial Group, Inc. a Delaware Valley mortgage banking company and related entity, Arrow Land Transfer Company (Arrow), an abstract and title company, both headquartered in nearby Haverford, Pennsylvania.

In 2013, WSFS was named a "Top Workplace" for the eighth year in a row by The Wilmington News Journal. It was also announced that WSFS was voted #1 Bank in Delaware by readers of The Wilmington News Journal and delawareonline.com in their annual Readers' Choice Awards for 2013. This was the third consecutive year that WSFS was honored with this award. In December 2013 WSFS announced the acquisition of First National Bank of Wyoming and was granted approval by the OCC in June of 2014 to complete the purchase of the bank, which is headquartered in Wyoming, Delaware.

Memberships[edit]

WSFS Bank is a member of the Federal Deposit Insurance Corporation, and is an Equal Housing Lender. WSFS Bank uses STAR, and PLUS for its ATM transactions.

References[edit]

  1. ^ [1]
  2. ^ [2]
  3. ^ Wilmington Savings Fund Society, search form, National Register of Historic Places. Click on the Search button to get link to the bank's listing (The January 30, 1985 listing includes links to the bank's Inventory Nomination Form and an exterior photograph). Retrieved 2011-01-27.
  4. ^ Wilmington High-rise Buildings (all), Emporis Corporation. Retrieved 2011-01-27.

External links[edit]