8-K

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

March 3, 2022

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.

WSFS Financial Corporation (the “Company”) announced on March 3, 2022 that Christine E. Davis has been named Executive Vice President, Chief Risk Officer (“CRO”) and will lead all risk management functions of the Company. Ms. Davis will assume the role of CRO effective March 28, 2022 following Michael P. Reed’s decision to return to his previous role as partner in the financial services and corporate groups at Covington & Burling, LLP.

Item 7.01 Regulation FD Disclosure.

On March 3, 2022 the Company issued a press release regarding the CRO 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 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, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

This Current Report on Form 8-K contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words "will," “believe,” “expect,” “anticipate,” “plan,” “estimate,” “threshold,” “target,” “stretch,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and the Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

Item 9.01 Financial Statements and Other Exhibits.

(d) Exhibits.

99.1 Press Release, dated March 3, 2022

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:	March 3, 2022	By:	/s/ Dominic C. Canuso
			Dominic C. Canuso Executive Vice President and Chief Financial Officer

EX-99.1

WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801 FOR IMMEDIATE RELEASE Media Contact: Rebecca Acevedo (215) 253-5566 March 3, 2022 racevedo@wsfsbank.com WSFS Bank Announces Promotion of Christine E. Davis to Executive Vice President, Chief Risk Officer John E. Kveragas, Jr. named Senior Vice President, Chief Auditor WILMINGTON, Del. – WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced that Christine E. Davis has been named Executive Vice President, Chief Risk Officer (CRO) reporting to Rodger Levenson, WSFS Chairman, President and CEO. In her new role, she will lead all risk management functions including credit administration, credit risk management, enterprise risk management, real estate services, asset recovery, legal, internal audit, loan review and regulatory compliance. Davis will assume the Chief Risk Officer role following Michael Reed’s decision to return to his previous role as partner in the financial services and corporate groups at Covington & Burling, LLP. “Christine is a respected leader with more than two decades of experience managing risk at WSFS,” said Levenson. “Her collaborative working style and leadership skills coupled with her deep industry knowledge and ability to balance risk and the evolving regulatory landscape make her an ideal fit for this role.” He added, “Christine’s promotion reflects our focus on talent development as she becomes the third member of the Executive Leadership Team to have spent their career at WSFS, reflecting our commitment to thoughtful, deliberate, and continual executive management succession planning.” Levenson added, “Christine and Michael will work closely over the next couple of months to support a smooth leadership transition. We wish Michael well in his return to Covington and we look forward to continuing to work with him as part of our longstanding relationship with the firm.” Davis has been with WSFS for nearly 23 years holding many different roles within Internal Audit. In her most recent role as Chief Auditor, she directed and oversaw the continuous development and implementation of a comprehensive and effective Internal Audit Program throughout the organization, including its subsidiary companies. Davis is a Certified Public Accountant (CPA). She is a native Delawarean and holds a bachelor’s degree in Accounting from California University in Pittsburgh. She resides in Wilmington, Delaware with her husband and two children. John E. Kveragas, Jr. will assume the role of Senior Vice President, Chief Auditor. Kveragas has more than 20 years of auditing experience and most recently served as the Chief Audit Officer for Bryn Mawr Trust. Kveragas is a CPA, a Certified Information Systems Auditor and holds a bachelor’s degree in Accounting from Bloomsburg University, a graduate certificate in business management from University of Delaware, and an MBA from West Chester University. Exhibit 99.1

WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801 About WSFS Financial Corporation WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of December 31, 2021, WSFS Financial Corporation had $15.8 billion in assets on its balance sheet and $34.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware®, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, 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. ###

XML

COVER PAGE	Mar. 03, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Mar. 03, 2022
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