WILMINGTON, Del. – WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank, has announced the appointment of Lynn Hobson as its new Chief Marketing Officer effective Monday. The corporation also revealed that Justin Dunn, the former Chief Marketing Officer, has transitioned to the role of Chief Community Impact Officer. The appointments come as WSFS demonstrates strong market performance, with the stock delivering a 47.5% return over the past year and maintaining a robust financial health score according to InvestingPro analysis.
Hobson, who has a 16-year tenure at BNY’s Pershing, will be responsible for leading the marketing and communications strategy at WSFS. Her role will encompass brand awareness, digital marketing, and customer experience initiatives. She will report directly to Arthur Bacci, Executive Vice President and Chief Operating Officer of WSFS.
Bacci expressed confidence in Hobson’s capabilities, stating that her proven track record in developing growth strategies will be instrumental in enhancing the impact of WSFS’s marketing efforts across its various business lines.
Dunn, in his new capacity as Chief Community Impact Officer, will oversee the company’s community strategy, including volunteer initiatives and financial education programs. He will report to Shari Kruzinski, Executive Vice President and Chief Consumer Banking Officer.
Bacci highlighted the strategic significance of community engagement for WSFS, emphasizing Dunn’s role in scaling these efforts with the company’s growth and establishing WSFS as a leading community partner.
WSFS Financial Corporation, a prominent financial services entity in the Greater Philadelphia and Delaware region, has $20.9 billion in assets and $87.2 billion in assets under management and administration as of September 30, 2024. With a history dating back to 1832, WSFS Bank operates numerous branches across several states, offering a range of financial services. The company, currently valued at $3.52 billion, has maintained dividend payments for 27 consecutive years, demonstrating long-term financial stability. InvestingPro subscribers can access detailed analysis and 8 additional key insights about WSFS’s financial outlook.
This executive restructuring is part of WSFS’s ongoing efforts to solidify its market presence and fulfill its commitment to clients and the community. Trading at a P/E ratio of 13.6x, InvestingPro analysis suggests WSFS is currently undervalued, presenting a potential opportunity for investors. The information for this article is based on a press release statement from WSFS Financial Corporation and enhanced with InvestingPro’s comprehensive financial analysis, available through their detailed Pro Research Report.
In other recent news, WSFS Bank, a principal subsidiary of WSFS Financial Corporation, has announced significant changes in its executive team and reported solid financial growth for the third quarter of 2024. James Wechsler has been appointed as the new Executive Vice President and Chief Commercial Banking Officer, a role he will assume from January 1, 2025. This change is part of the bank’s executive succession planning, with Wechsler succeeding Steve Clark who transitions to Senior Advisor.
In terms of financial performance, WSFS Financial Corporation reported a core earnings per share (EPS) of $1.08 and a core return on assets (ROA) of 1.22%. The company also 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.
Despite a recent rate cut, WSFS adjusted its full-year outlook, expecting a net interest margin of approximately 3.80%. However, non-performing assets rose to 44 basis points, largely due to two identified problem loans. These are the recent developments for WSFS Financial Corporation.
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