-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OSrx0g5840hMZZWutp11XHmf2dApmobR6+nnzDJKbXMq3RZd624wPoidAfQAbM6A /up4ioI5v3LqWE4JH0PScA== 0000946275-07-000211.txt : 20070226 0000946275-07-000211.hdr.sgml : 20070226 20070226162333 ACCESSION NUMBER: 0000946275-07-000211 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070222 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070226 DATE AS OF CHANGE: 20070226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WSFS FINANCIAL CORP CENTRAL INDEX KEY: 0000828944 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 222866913 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16668 FILM NUMBER: 07649516 BUSINESS ADDRESS: STREET 1: 838 MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3027926000 MAIL ADDRESS: STREET 1: 838 MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19801 FORMER COMPANY: FORMER CONFORMED NAME: STAR STATES CORP DATE OF NAME CHANGE: 19920703 8-K 1 f8k_022207-0312.txt FORM 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 February 22, 2007 ----------------- Date of Report (Date of earliest event reported) WSFS Financial Corporation -------------------------- (Exact name of Registrant as specified in its Charter) Delaware 0-16668 22-2866913 - ---------------------------- --------------- ------------- (State or other jurisdiction (SEC Commission (IRS Employer of incorporation) File No.) Identification Number) 838 Market Street, Wilmington, Delaware 19899 - --------------------------------------- ----- (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 communications pursuant to Rule 425 under the Securities Act __ Soliciting material pursuant to Rule 14a-12 under the Exchange Act __ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act __ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 22, 2007, the Registrant announced the promotion of Mark A. Turner, who currently serves as Chief Operating Officer, to President and Chief Executive Officer of the Registrant and its wholly-owned subsidiary bank, Wilmington Savings Fund Society, FSB (WSFS Bank). Mr. Turner's promotion will become effective on the date of the Registrant's annual meeting of shareholders, April 26, 2007. Marvin N. Schoenhals, who currently serves as Chairman, President and Chief Executive Officer, will continue to serve as the full-time Chairman. A copy of the press release announcing the leadership transition is furnished with this Form 8-K as an exhibit. Item 9.01 Financial Statements and Exhibits. (d) Exhibits: 99 Press Release dated February 22, 2007 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: February 22, 2007 By: /s/Stephen A. Fowle ----------------------------------- Stephen A. Fowle Executive Vice President and Chief Financial Officer EX-99 2 ex-99.txt PRESS RELEASE ----------- | [LOGO] WSFS Financial | 838 Market Street, Wilmington, Delaware 19801 Corporation | ----------- | 1 PRESS RELEASE FOR IMMEDIATE RELEASE Media Contact: Stephanie Arnold (302) 571-5259 Investor Relations: Stephen A. Fowle (302) 571-6833 February 22, 2007 WSFS FINANCIAL CORPORATION ANNOUNCES LEADERSHIP TRANSITION WILMINGTON, Del.--WSFS Financial Corporation (NASDAQ/NMS: WSFS) announces the appointment of Mark A. Turner as President, Chief Executive Officer and member of the Board of Directors of both WSFS Financial Corporation and its principal subsidiary WSFS Bank, effective on the date of the annual shareholders meeting, April 26, 2007. Marvin N. "Skip" Schoenhals, current Chairman, President and CEO, will continue to serve as the full-time Chairman of WSFS Financial Corporation and WSFS Bank. The transition is part of a succession plan developed five years ago by WSFS management and the Board of Directors. Mr. Turner joined WSFS in 1996, having previously worked for Meridian Bank and the professional services firm of KPMG. From 1998 through 2004 he was the Chief Financial Officer for WSFS, with responsibility for finance, accounting, investor relations, corporate development and risk management. Since 2001, he has also served WSFS as Co-Chief Operating Officer, most recently leading nearly 500 Associates with responsibility for retail banking, marketing, human resources, facilities, technology and operations. Additionally, since 2001, with Mr. Schoenhals, Mr. Turner has served as a member of WSFS' Office of the Chief Executive Officer (OCEO), which has been responsible for both developing the Company's culture and designing and executing the Company's strategic plan. (more) 2 "Mark is a strong leader, and as a member of the OCEO he helped steer WSFS towards both capturing opportunity and developing a focused business strategy. We have also assembled a strong senior management team, and under this new leadership structure the Bank will continue to thrive," said Mr. Schoenhals. Mr. Turner earned his MBA from the Wharton School, University of Pennsylvania. He also earned a Master's Degree in Executive Leadership from the University of Nebraska-Lincoln (UNL), co-sponsored by The Gallup Organization. He graduated from LaSalle University in Philadelphia with a dual major in accounting and management and earned his CPA in 1987. Mr. Turner is also very active in the Bank's communities. He serves on the Boards of Directors of the Delaware Bankers Association, Delaware State Chamber of Commerce, the Delaware Chapter of the March of Dimes (past Chairman), the Delaware Community Foundation (past Finance Committee Chairman), the Lincoln Club of Delaware and the WSFS Foundation. He also is a member of the Board of Trustees of Christiana Care, Inc., Delaware's largest hospital system. Mr. Schoenhals joined WSFS Financial Corporation in 1990 as President and Chief Executive Officer of both WSFS Financial Corporation and WSFS Bank, and was elected Chairman of WSFS Financial Corporation in 1992. In continuing as Chairman, Mr. Schoenhals will focus on Board leadership and strategic issues, and will also provide counsel and support to management on a day-to-day basis. In addition, consistent with the Bank's locally-oriented business model, Mr. Schoenhals will continue to be active in the community, serving many professional, business and civic organizations. As a locally-managed, independent bank, WSFS has been a top-performing organization over the past generation. For the last ten years, through the end of 2006, WSFS stock has returned a compounded annual return of 21.5%, compared to 12.9% for the NASDAQ Bank Index and 8.4% for the Standard & Poor's 500 Index. For the past five years, WSFS returns are even more impressive, as an investment in WSFS stock returned a (more) 3 compounded annual return of 31.6% to its shareholders, compared to 12.4% for the NASDAQ Bank Index and 6.1% for the Standard & Poor's 500 Index. "Under Skip's leadership, the WSFS team has delivered world-class service to customers and provided tremendous returns to shareholders," said Mr. Turner. "The engaged Associates of WSFS will continue to strengthen relationships with, and create substantial value for our customers, our owners and our communities." About WSFS Financial Corporation WSFS Financial Corporation is a $3.0 billion financial services company. Its principal subsidiary, Wilmington Savings Fund Society, FSB, currently operates 28 retail banking offices in all three counties in Delaware, as well as Chester and Delaware counties in Pennsylvania, providing banking services under the WSFS Bank brand, and wealth management and personal trust services under Wilmington Advisors, a division of WSFS Bank. Other WSFS subsidiaries include: WSFS Investment Group, Inc., Montchanin Capital Management, Inc., and WSFS Reit, Inc. WSFS, celebrating its 175th anniversary, is one of the ten oldest continuously-operating banks in the United States. For more information, please visit the Bank's website at www.wsfsbank.com. * * * Statements contained in this news release which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by WSFS Financial Corporation with the Securities and Exchange Commission from time to time. The Corporation does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Corporation. # # # -----END PRIVACY-ENHANCED MESSAGE-----