WSFS Bank

WSFS Financial Corporation’s A- Senior Unsecured Debt Rating Affirmed by KBRA, After the Successful Combination with Bryn Mawr Trust

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Thursday, August 25, 2022
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WILMINGTON, Del., Aug. 25, 2022 (GLOBE NEWSWIRE) -- Kroll Bond Rating Agency (KBRA) has reaffirmed the senior unsecured debt rating of A- for WSFS Financial Corporation (NASDAQ: WSFS) (WSFS or the Company).

Key Points: 
  • WILMINGTON, Del., Aug. 25, 2022 (GLOBE NEWSWIRE) -- Kroll Bond Rating Agency (KBRA) has reaffirmed the senior unsecured debt rating of A- for WSFS Financial Corporation (NASDAQ: WSFS) (WSFS or the Company).
  • KBRA also reaffirmed WSFS subordinated debt rating of BBB+ and a short-term debt rating of K2.
  • WSFS Bank, the Companys primary subsidiary, received strong credit ratings as well, including A ratings for both senior unsecured debt and deposit, a subordinated debt rating of A-, and the short-term debt and deposit ratings of K1.
  • For the seventh consecutive year, WSFS has received a strong debt rating.

Valaris Announces Consent Solicitation with Respect to its Senior Secured First Lien Notes due 2028

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Monday, August 15, 2022
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Any consenting holder will not be permitted to trade its Notes, unless such holder validly revokes its consent, between the time that it provides such consent and the Expiration Date.

Key Points: 
  • Any consenting holder will not be permitted to trade its Notes, unless such holder validly revokes its consent, between the time that it provides such consent and the Expiration Date.
  • As a result, the Consent Fee for the Notes will range from $5.00 per $1,000 (if all holders consent) to approximately $10.00 per $1,000 (if holders of only a majority of the aggregate principal amount of the Notes consent).
  • The Proposed Amendments will be effected through a supplemental indenture with respect to the Notes, to be executed promptly after receipt of the Required Consents.
  • Full details of the terms and conditions of the Consent Solicitation are included in the consent solicitation statement, dated August 15, 2022.

Photo Release -- Philadelphia Union and WSFS Bank Announce Multi-Year Partnership

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Thursday, August 11, 2022
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CHESTER, Pa. and WILMINGTON, Del., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Philadelphia Union today announced a new multi-year partnership agreement with WSFS Bank, the oldest and largest locally headquartered bank and wealth franchise in Delaware and the Greater Philadelphia region, making them the official bank partner and community supporter of the Philadelphia Union and Subaru Park.

Key Points: 
  • CHESTER, Pa. and WILMINGTON, Del., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Philadelphia Union today announced a new multi-year partnership agreement with WSFS Bank, the oldest and largest locally headquartered bank and wealth franchise in Delaware and the Greater Philadelphia region, making them the official bank partner and community supporter of the Philadelphia Union and Subaru Park.
  • WSFS mission of We Stand For Service and their commitment to the community aligns with the Philadelphia Unions goals and core pillars, said Tim McDermott, President, Philadelphia Union.
  • We are thrilled to become the official bank of the Philadelphia Union.
  • Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company headquartered in Delaware and the Greater Philadelphia region.

Hersha Hospitality Trust Refinances Credit Facilities

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Friday, August 5, 2022
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PHILADELPHIA, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of luxury and lifestyle hotels in coastal gateway and resort markets, today announced the Company closed on the refinancing of a $500 million Senior Secured Credit Facility (the “Credit Facility”) and the closing of the first tranche of six of the previously announced disposition of seven non-core Urban Select Service properties (the “USS Portfolio”).

Key Points: 
  • The $500 million Credit Facility consists of a $400 million Term Loan and an undrawn $100 million revolving credit line.
  • The refinancing of our existing credit facilities sustains the significant efforts undertaken to optimize our balance sheet and provides additional flexibility to execute our business plan.
  • The Credit Facility refinancing in conjunction with the mortgage refinancings we completed in 2021 address our near-term maturities.
  • Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates luxury and lifestyle hotels in coastal gateway and resort markets.

8x8, Inc. Announces $250 Million Senior Secured Term Loan Credit Facility in a Customized Capital Solution Led by Francisco Partners

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Thursday, August 4, 2022
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8x8, Inc. (NYSE: EGHT) (the Company or 8x8), a leading integrated cloud communications platform provider, today announced a new $250 million senior secured term loan facility in a transaction led by Francisco Partners.

Key Points: 
  • 8x8, Inc. (NYSE: EGHT) (the Company or 8x8), a leading integrated cloud communications platform provider, today announced a new $250 million senior secured term loan facility in a transaction led by Francisco Partners.
  • We are excited to partner with 8x8 by providing a customized capital solution, said Scott Eisenberg, Head of Credit and Structured Solutions at Francisco Partners.
  • Wilmington Savings Fund Society, FSB will serve as administrative agent, with certain affiliates of Francisco Partners as lenders (the Credit Agreement).
  • In conjunction with the term loan facility, the Company also issued detachable warrants exercisable for an aggregate of 3.1 million shares of the Companys common stock to Francisco Partners and its affiliates.

WSFS CARES Foundation Provides $15,000 in Grants to Seven Local Nonprofits in Conjunction with the Satell Institute CEO Conference

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Monday, July 18, 2022
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As Chair of this years CEO Conference, Rodger Levenson, Chairman, President and Chief Executive Officer of WSFS, committed to donating to various attending nonprofits.

Key Points: 
  • As Chair of this years CEO Conference, Rodger Levenson, Chairman, President and Chief Executive Officer of WSFS, committed to donating to various attending nonprofits.
  • We are proud to provide grants to these seven deserving nonprofits whose work closely aligns with the core tenets of the WSFS CARES Foundation by investing in improving communities and fostering a spirit of inclusion and diversity.
  • I look forward to becoming more deeply involved with the work and mission of the Satell Institute.
  • The WSFS CARES Foundation brings WSFS mission of We Stand for Service to life across the communities we serve.

WSFS Financial Corporation Announces Second Quarter 2022 Earnings Release Date and Conference Call

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Monday, July 11, 2022
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WILMINGTON, Del., July 11, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, expects to report its second quarter earnings at the end of business July 25, 2022.

Key Points: 
  • WILMINGTON, Del., July 11, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, expects to report its second quarter earnings at the end of business July 25, 2022.
  • Management will conduct a conference call to review this information at 1:00 p.m. Eastern Time (ET) on July 26, 2022.
  • WSFS Financial Corporation is a multi-billion dollar financial services company.
  • As of March 31, 2022, WSFS Financial Corporation had $21.0 billion in assets on its balance sheet and $58.1 billion in assets under management and administration.

WSFS Announces Sale of BMT Insurance Advisors to Patriot Growth Insurance Services, LLC

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Thursday, July 7, 2022
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WILMINGTON, Del., July 07, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ: WSFS) today announced it sold the business of BMT Insurance Advisors (BMTIA), an independent insurance brokerage and risk management consulting firm throughout the United States that builds custom insurance solutions for consumers and businesses, to Patriot Growth Insurance Services, LLC (Patriot).

Key Points: 
  • WILMINGTON, Del., July 07, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ: WSFS) today announced it sold the business of BMT Insurance Advisors (BMTIA), an independent insurance brokerage and risk management consulting firm throughout the United States that builds custom insurance solutions for consumers and businesses, to Patriot Growth Insurance Services, LLC (Patriot).
  • The deal includes an offer of continuing employment for all BMTIA Associates and is not expected to materially impact future earnings.
  • Our focus is on the long-term organic growth opportunities for the Bank, the Wealth and Trust business, and our other strategic fee-based businesses.
  • In 2021, Patriot was ranked as the 27th largest privately held broker in the U.S. by Business Insurance.

Bryn Mawr Trust Announces David B. Stork as Senior Vice President, Wealth Director in Hershey, Pa.

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Wednesday, June 22, 2022
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WILMINGTON, Del., June 22, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of Bryn Mawr Trust, today announced David B. Stork as Senior Vice President, Wealth Director in Hershey, Pa., reporting to Mark Bradford, Senior Vice President, Market Director, Bryn Mawr Trust.

Key Points: 
  • WILMINGTON, Del., June 22, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of Bryn Mawr Trust, today announced David B. Stork as Senior Vice President, Wealth Director in Hershey, Pa., reporting to Mark Bradford, Senior Vice President, Market Director, Bryn Mawr Trust.
  • Stork will lead Bryn Mawr Trusts Central Pennsylvania team based in Hershey and be responsible for new business, community visibility and brand development in the market.
  • David brings 30 years of Client-focused experience in wealth management as well as trusts and estates to the Bryn Mawr Trust team, said Bradford.
  • Bryn Mawr Trust and WSFS have a strong history of service, and I look forward to continuing that exceptional service as we bring personalized solutions to our Clients.

ZMITROVICH NAMED BANK PRESIDENT AND CHIEF BANKING OFFICER FOR BANK OF CLARKE COUNTY

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Wednesday, June 1, 2022
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BERRYVILLE, Va., June 1, 2022 /PRNewswire/ -- Bank of Clarke County, a wholly-owned subsidiary of Eagle Financial Services, Inc., whose divisions include Eagle Investment Group, announced that Joseph (Joe) T.Zmitrovich has been appointed President and Chief Banking Officer for the Bank.

Key Points: 
  • BERRYVILLE, Va., June 1, 2022 /PRNewswire/ -- Bank of Clarke County, a wholly-owned subsidiary of Eagle Financial Services, Inc., whose divisions include Eagle Investment Group, announced that Joseph (Joe) T.Zmitrovich has been appointed President and Chief Banking Officer for the Bank.
  • Mr. Zmitrovich joined the Bank in 2016 as its Senior Vice President and Lending Officer.
  • In 2019, Joe was promoted to Executive Vice President and Chief Revenue Officer and in 2021, to Executive Vice President and Chief Banking Officer.
  • Eagle Financial Services, Inc. is a bank holding company which wholly owns Bank of Clarke County (the "Bank").