Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

October 24, 2024

Date of Report

(Date of Earliest Event Reported)

WSFS Financial Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-35638

22-2866913

(State or Other Jurisdiction
of Incorporation)

(SEC Commission
File Number)

(IRS Employer
Identification Number)

500 Delaware Ave,

Wilmington, Delaware, 19801

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (302) 792-6000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	WSFS	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 40.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On October 28, 2024, WSFS Financial Corporation (the “Company”) announced the appointment of James J. Wechsler to the position of Executive Vice President, Chief Commercial Banking Officer (“CCBO”) of the Company and Wilmington Savings Fund Society, FSB, effective January 1, 2025.

The appointment follows Stephen P. Clark notifying the Company on October 24, 2024 that he is stepping down from the position of CCBO, effective December 31, 2024. The Company expects that Mr. Clark will continue to serve as a Senior Advisor to the Company following the transition.

Item 7.01 Regulation FD Disclosures

On October 28, 2024, the Company issued a press release announcing the CCBO transition. A copy of the Company’s press release is attached hereto as Exhibit 99.1. This information (including Exhibit 99.1) is being furnished under Item 7.01 hereof and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Other Exhibits

(d) Exhibits.

99.1 Press release, dated October 28, 2024

104 Cover Page Interactive Data File (Embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

WSFS FINANCIAL CORPORATION

Date:

October 28, 2024

By:

/s/ David Burg

David Burg
Executive Vice President, Chief Financial Officer

WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801 FOR IMMEDIATE RELEASE Investor Relations Contact: Andrew Basile (302) 504-9857 October 28, 2024 abasile@wsfsbank.com Media Contact: Kyle Babcock (215) 864-1795 kbabcock@wsfsbank.com WSFS Bank Announces Promotion of James J. Wechsler to Executive Vice President, Chief Commercial Banking Officer WILMINGTON, Del. – WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced that James (Jim) Wechsler has been named Executive Vice President, Chief Commercial Banking Officer, effective January 1, 2025. In his new role, Wechsler will join the Executive Leadership Team, reporting to Art Bacci, Executive Vice President and Chief Operating Officer and oversee Commercial & Industrial Banking, Commercial Real Estate, Treasury Management, Capital Markets and Equipment Finance. Wechsler will assume the role as Steve Clark steps into a new role of Senior Advisor focused on business development, relationship management, and leadership support as part of WSFS’ succession planning. “Jim is a respected leader with diverse experience in leadership roles at WSFS,” said Rodger Levenson, WSFS Chairman, President and CEO. “His collaborative working style and leadership skills coupled with his deep industry knowledge and ability to lead the growth of our Commercial Division make him an ideal fit for this role.” He added, “Jim’s promotion reflects our focus on overall talent development, having spent the majority of his career at WSFS, as well as our commitment to thoughtful and continual executive management succession planning.” Levenson added, “Jim and Steve have worked closely for several years and will continue to do so to support a smooth leadership transition. We’d like to thank Steve for his 45 years, including 22 years at WSFS, of dedicated service to our industry and his Clients. Steve has left an indelible mark on our Company and our region’s economy, and we are all better off because of his efforts. We look forward to his continued guidance as he moves into the Senior Advisor role.” Wechsler joined WSFS in 2010 and most recently held the role of Chief Operating Officer, Commercial Banking. He has also held various senior roles at WSFS including leading Corporate Development, Strategic Planning, Consumer Lending, and Small Business Banking. Wechsler received a B.S. in Finance from University of Delaware and an M.B.A. in Finance and Strategic Management from Villanova University. He serves on the Board of the Bryn Mawr Hospital Foundation, JFCS of Greater Philadelphia, and was a Director of locally-based home equity lending company, Spring EQ, until its successful sale in 2023. He is a Delaware Valley native and resides in Newtown Square, PA with his wife and their two children. About WSFS Financial Corporation WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of September 30, 2024, WSFS Financial Corporation had $20.9 billion in assets on its balance sheet and $87.2 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida Exhibit 99.1

WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801 (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.

COVER PAGE	Oct. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 24, 2024
Entity Registrant Name	WSFS Financial Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35638
Entity Tax Identification Number	22-2866913
Entity Address, Address Line One	500 Delaware Ave
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	302
Local Phone Number	792-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WSFS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000828944