<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex-99.txt
<DESCRIPTION>PRESS RELEASE
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[LOGO] WSFS Financial | 838 Market Street, Wilmington, Delaware 19801
Corporation |
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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.
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"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
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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.
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